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  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 33 slides",
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  "presentationDate": "2006-03-01 00:00:00",
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  "notes": "The slide presents a complex sensitivity analysis for an LBO, comparing two cases (Upside vs Adjusted Upside) across two land value/debt cost scenarios (High vs Low Case).",
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      "text": "8.25–8.75% cost of LBO debt; Exit FV/EBITDA range of 11.5–13.5x on 2011E EBITDA; $140 million of transaction fees; $76mm Reethi Rah notes receivable monetized in 2008; 64.1 acres of undeveloped land valued at $2–6 million per acre",
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      "text": "Max leverage assumed to be 67% of transaction value; Five-year hold period; $5 million of annual cost synergies; Sponsor IRR threshold range of 18.0%–22.0%; Management promote of 10% of terminal equity value in excess of initial equity contribution",
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      "text": "Note: Analysis based on \"Adjusted cash EBITDA\" as detailed in the EBITDA build-up in the appendix. 1 \"High Case\" assumes high end of land value sensitivity range ($6mm per acre) and low end of cost of LBO debt range (8.25%). 2 \"Low Case\" assumes low end of land value sensitivity range ($2mm per acre) and high end of cost of LBO debt range (8.75%).",
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      "text": "Leveraged buyout analysis",
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