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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "There is a possibility that AOL may be viewed as a non-investment grade credit by the rating agencies due to concerns about the continued expected decline in the Access business.",
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      "text": "Initial Allocated Debt: $36,760",
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      "text": "This analysis assumes that TWC and Publishing will draw upon their credit facilities to finance the repurchase of shares.",
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      "text": "It is assumed that TWX and the SpinCos will expand existing or establish new bank credit facilities to fund the pre-distribution dividends to the Parent and their respective post-Separation share repurchases.",
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      "text": "Analysis assumes total 2005 corporate overhead of $100 million... See Exhibit 5.10 for full details... Based on Implied Maximum Debt determined through the credit analysis.",
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      "text": "Exhibit 5.12: INITIAL LEVERAGE AT SPIN-OFF ($ MM)",
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