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  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "Includes a roller coaster illustration symbolizing the precarious nature of the company's debt situation.",
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      "text": "If credit markets tightened or investors began to question Olam’s viability as a business (which we think is long overdue), a significant change in interest rates could wipe out Olam.",
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      "text": "Roller coaster illustration with a car falling off the tracks.",
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      "text": "Net Debt / Adj. EBITDA: 10.2x",
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      "text": "Our model assumes that it will be able to continue to raise debt at 6.5% yields... Eventually, this tide will turn, and we believe Olam might be swept out to sea.",
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      "text": "Calculated by dividing interest expense by the average of the beginning borrowings balance and the ending borrowings balance.",
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      "text": "Leverage metrics table showing Cash, Borrowings, Interest Expense, EBITDA, and Debt/EBITDA ratios across 8 quarters.",
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      "text": "Olam - Forecasted Leverage",
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