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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": "Part of a series of slides detailing Pershing Square's proposal for McDonald's.",
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      "text": "An IPO of McOpCo would have several positive strategic and financial implications for both Pro Forma McDonald's as well as McOpCo.",
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      "text": "Will likely lead to improved operating margins at McOpCo\nSeparation from PF McDonald's will make margin improvement an imperative\nImproves capital structure while maintaining investment grade credit rating\nLow-cost secured debt to replace current debt or issued incrementally on current structure\nCheap CMBS structured financing issued at PropCo could judiciously utilize strong real estate collateral\nCMBS financing is non-recourse to McDonald's (parent)\nFranCo remains unlevered and is at least a AA credit\nPF McDonald's, the holding company, remains investment grade\nImproves alignment with franchisees\nAllows for share buybacks of higher return business\nSeparation of McOpCo allows for share buybacks to be targeted predominantly at PF McDonald's, the stronger free cash flow business",
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      "text": "(1) Will be discussed at length later in the presentation.",
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      "kind": "title",
      "text": "A Transformational Transaction (Cont'd)",
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