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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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  "notes": "The slide details the mechanics of a capital allocation strategy involving debt issuance and share repurchases.",
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      "kind": "callout",
      "text": "Step 1: IPO of 65% McOpCo",
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      "kind": "callout",
      "text": "Step 2: Issue Debt and Pursue Leveraged Self Tender",
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      "text": "IPO 65% of McOpCo\nIPO generates estimated $3.27bn of after tax proceeds\nAssumes a 7x EV/FY'06E EBITDA multiple\nAssumes $1.35 bn of Net Debt allocated to McOpCo",
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      "text": "Issue $14.7bn of financing secured against PF McDonald's real estate\nDebt financing and IPO proceeds used to\nRefinance all of the existing $5 bn of net debt at Pro Forma McDonald's\nRepurchase 316mm shares at $40 per share\nPay $300mm in fees and transaction costs",
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      "kind": "title",
      "text": "Pershing's Proposal: McOpCo IPO",
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