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  "documentTitle": "BCG Dell and Pivotal Project Denali",
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  "notes": "The slide uses a numbered list to contrast the strategic logic vs. financial implications of a separation in a leveraged buyout context.",
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      "text": "1. Overall strategic and commercial logic for effects of captive integration do not change\n2. Financial reasons to retain DFS become less attractive, since parent will have a much more levered balance sheet (with credit rating below investment grade)\n   - Higher cost of funds and lower ROE\n   - Higher vulnerability in scenario where external liquidity becomes difficult and/or very expensive to access\n3. Opportunity to separate DFS becomes more attractive\n   - DFS separation lowers leverage and/or reduces need for sponsor equity\n   - Sale proceeds can be used to return cash to investors",
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