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  "documentTitle": "Tapestry | Mergers and Acquisitions Presentation Deck | 10 slides",
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      "text": "The combination of Coach and Kate Spade expected to create substantial value for shareholders",
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      "text": "Accretive to Earnings: Assuming an early July 2017 closing, acquisition expected to be accretive to EPS in fiscal 2018 on a non-GAAP basis. Expected to reach double-digit accretion on a non-GAAP basis by fiscal 2019.",
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      "text": "Significant Tax Asset: Opportunity to utilize Kate Spade’s estimated gross NOLs of approximately $475 million over the near-term.",
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      "text": "Robust Credit Profile: On a Debt-to-EBITDA basis, expect to reduce leverage from approximately 2.2x to about one-turn lower by end of FY2018. Expect to operate at moderate leverage to maintain financial flexibility. Will maintain ample liquidity on the balance sheet. Committed to dividend.",
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