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  "docSlug": "31f0a32297cf3afe8f7847a54117f74b",
  "documentTitle": "Evercore | Investment Banking Pitch Book | 12 slides",
  "authorId": "evercore",
  "authorName": "Evercore",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2011-08-01 00:00:00",
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  "pageCount": 12,
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  "nDataPoints": 12,
  "notes": "Evercore Partners slide, likely part of a M&A advisory deck.",
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      "kind": "disclaimer",
      "text": "Please note that the tax treatment assumed for the transaction is complicated and based on a preliminary set of discussions with the Company, and that the analysis might change materially based on a more definitive analysis of the tax treatment by the Company and its advisors",
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      "text": "In Scenario 2, Deluxe funds the transaction through debt and a PIPE from a Sponsor",
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      "text": "Assumes Harland Clarke (\"HC\") payments business is sold to Deluxe for 100% cash consideration, paid to MFW, with gross proceeds ranging from $1,500 million to $1,800 million, equivalent to a range of 4.9x to 5.9x HC's last four quarters (\"LFQ\") EBITDA",
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      "text": "In Scenario 1, Deluxe raises new debt at 7.0% to fund 100% of the acquisition costs (i.e. Deluxe borrows between $1,500 million and $1,800 million of new debt depending on the purchase price)",
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      "kind": "list",
      "text": "We analyze a range of possible expense synergies from $0 million to $150 million per year on a run-rate basis",
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