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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "The slide outlines specific debt, dividend, capex, and warrant conversion assumptions.",
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      "text": "Assumes 2015 - 2023 KMP / EPB debt maturities are refinanced at KMI\nKMI targets a $2.00 2015 dividend and a 10% growth rate through 2020 (excess cash used to repay debt)\nKMI funds growth capex with $4.0 billion in aggregate equity issuance from 2016 - 2017 and funds the remaining growth capex with debt, subsequently 2017 equity issuance reduced by ~$260 million of monies not paid out due to warrant dilution\nDebt issuance assumes 4.75% interest rate (rate steps up to 5.75% over time)\nAssumes $20 million in savings of public company expenses due to consolidation\nAssumes pro forma KMI warrant conversion into ~68 million KMI shares calculated assuming 298 million warrants outstanding with a strike price of $40.00 and KMI share price at conversion of $51.87 (4.5% yield)",
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      "text": "1. Source: Management estimates.",
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