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  "documentTitle": "Inovalon | Mergers and Acquisitions Presentation Deck | 45 slides",
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  "presentationDate": "2018-03-01 00:00:00",
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  "notes": "Includes footnote regarding equity share calculation.",
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      "text": "The Company is committed to paying down its debt leverage as the primary application of its free cash flow for the foreseeable future.",
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      "text": "The Company expects to secure protections from interest rate risk on some or most of its indebtedness.",
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      "text": "Inovalon will finance the transaction through $100M of restricted equity, cash on hand, and borrowings from a new $980M term loan, which will also be used to pay off and replace the Company’s existing credit facility indebtedness.",
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      "text": "The Pro-Forma Net Debt / Adjusted EBITDA ratio is estimated to be approximately 4.6x at closing, and targeting less than 3.0x in 2020.",
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      "text": "Referenced $100M in equity translates into 7.6 million shares, based on the 45-day trailing average closing stock price for INOV as of March 5, 2018 of $13.16.",
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      "text": "Debt, Cash Flow & Leverage Pay-Down",
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