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  "notes": "The slide presents three distinct sensitivity tables for different LBO scenarios.",
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      "text": "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; 7.5% cost of LBO debt; Exit FV/EBITDA range of 11.5–13.5x; $100 million transaction fees",
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      "text": "1 Comprised of approximately $37 million of bond breakage costs, $25 million of advisory and legal fees, and $38 million of financing fees",
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