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  "docSlug": "c5a10320e53e",
  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "pageNumber": 41,
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  "nDataPoints": 12,
  "notes": "Uses company disclosure text to highlight aggressive debt expansion.",
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      "text": "Cintas credit facility size has tripled from $300m (pre G&K) to now $1.0 billion, despite the size of sales only growing ~40% and accounts receivable by 67%.",
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      "text": "commercial paper outstanding: $139.0 million",
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      "text": "Cintas credit facility size has tripled from $300m (pre G&K) to now $1.0 billion, despite the size of sales only growing ~40% and accounts receivable by 67%. Historically, Cintas did not use its commercial paper program for funding. However, recently its usage has been steadily growing.",
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      "text": "Cintas' commercial paper program has a capacity of $300.0 million that is fully supported by a backup revolving credit facility through a credit agreement with its banking group. — Cintas FY 2016 10-K",
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      "text": "Timeline of credit facility amendments and commercial paper usage from FY 2016 to Q1 2020.",
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      "kind": "title",
      "text": "Dependence On Short-Term Financing Rising",
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