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  "documentTitle": "Centerview Partners | Investment Banking Pitch Book | 16 slides",
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  "authorName": "Centerview Partners",
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  "presentationDate": "2013-05-01 00:00:00",
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      "kind": "list",
      "text": "Per Collie management, feasibility of achieving MCC is reduced relative to the end of 2012 due to lack of new wholesale customers and significant lead times required to put traffic on-net.",
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      "text": "Both the SCC and the MCC continue to contemplate substantial funding gaps (~$3.5bn and ~$2.1bn, respectively) to reach free cash flow positive.",
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      "text": "Management has provided Centerview with an updated set of financial projections dated May 10, 2013. Consistent with prior approach, management prepared two sets of projections: Single-Customer Case (SCC) and Multi-Customer Case (MCC).",
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      "text": "The primary changes reflected in these projections versus those provided in Fall 2012 include: actual results for Q4 2012 and Q1 2013, $240 million cash benefit from interim financing, improved retail projections, and revised LTE site rollout schedules.",
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      "text": "Source: Collie management. (1) Analysis does not reflect proceeds from divestiture of excess spectrum.",
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