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  "notes": "The slide outlines the financial foundation for a spin-off/IPO scenario.",
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      "text": "Investment Grade: Targeting investment-grade credit rating at spin-off / distribution; Targeting net leverage ~2.9x at IPO and maintain leverage consistent with investment-grade profile",
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      "text": "~$800M Liquidity: Assuming cash balance of ~$300M (on a pro forma basis); Targeting ~$500M multi-year revolving credit facility",
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