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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 outlines a recapitalization strategy involving debt issuance to fund share buybacks.",
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      "text": "After this transaction, Pro Forma McDonald's would be leveraged approximately 3.5x Total Debt/EBITDA or at a 25% Debt to Enterprise Value ratio.",
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      "text": "Set forth below are the sources and uses of proceeds associated with a $14.7 bn issuance of secured collateralized financing (net of cash on hand), or an incremental $9.7 of net debt, based on expected net debt as of FY 2005E.",
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      "text": "PF McDonald's Capital Structure table showing debt metrics",
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