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      "text": "354. Two bonds are exactly the same: same amount, same interest rate, etc. However, one is a convertible bond and the other is a non-convertible bond. Which one would you prefer as an investor? \"As an investor, I would prefer the convertible bond because it gives me the option of additional upside.\"",
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      "text": "355. Continuing from the previous question, which one would you prefer as management? \"As management, I would prefer the non-convertible bond because it's less expensive and less dilutive to current shareholders.\"",
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      "text": "353. A company decides to raise $1 billion of debt with 5-year tenor at 98 OID and pays the investment bankers 1% underwriting fee. Walk me through the impact to the three financial statements. \"No changes to the Income Statement. On the Cash Flow Statement, no changes to Cash Flow from Operations and Cash Flow from Investing. Under Cash Flow from Financing, Proceeds from Debt Issuance increases cash flow by $970 million. Therefore, Net Change in Cash goes up by $970 million. On the Balance Sheet, on the Assets side, Cash goes up by $970 million. On the Liabilities and Equity side, Debt goes up by $970 million. And the Balance Sheet balances.\"",
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      "text": "The Leverage Multiples are 0x for Revolver, 4x for Term Loan, and 6x for Bond. Financial Modeling Course References: Course 15, Lesson 20 (Leverage Multiples) Course 15, Lesson 21 (Calculating the Leverage Multiples)",
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      "text": "As an investor, I would prefer the convertible bond because it gives me the option of additional upside. — Financial Modeling Course",
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      "text": "The Core Technicals Guide | www.10XEBITDA.com",
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      "text": "VII. Capital Structure D. Financial Model",
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