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  "documentTitle": "Citi | Investment Banking Pitch Book | 43 slides",
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  "presentationDate": "2004-11-01 00:00:00",
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  "notes": "The slide compares financial leverage, credit ratings, and operational flexibility between two entities.",
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      "text": "(a) Represents debt at Papa as of 3/31/04. (b) Total EBITDA for Papa represents 2004E, per Company Projections.",
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      "text": "Financing at Papa trades the potential for investment grade ratings against ongoing disclosure at Papa and greater financial risk. However, an intermediate solution may be possible if Papa is willing to use its balance sheet but prefers not to become a public filer. Intermediate solution can be structured in a variety of ways, involving temporary guarantees, asset sales and / or bank debt.",
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      "text": "Financing Alternatives Scorecard",
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