Callouts & quotes from 398+ activist slides

"...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders."

"Content could maintain an investment grade profile with initial leverage of 3.75x total debt/OIBDA (adjusted leverage of 4.1x) and a target leverage ratio of approximately 3.25x - 3.50x 2005PF OIBDA."

"MOXC has only remained technically solvent through debt/equity swaps with related party lenders who were willing to take the stock already knowing MOXC had little-to-no assets to claim in bankruptcy."

"We believe BR’s aggressive capitalization of hundreds of millions of unrecoverable technology conversion costs should be immediately expensed and that it would be in violation of its debt covenant."

"BR paid €2.14 (~$2.58 billion) for Itiviti, placing a 10x multiple on its €210 million of sales and increasing debt by $2.1 billion while pushing its leverage ratio from approximately 1.5x to 3.6x."

"GGP’s liabilities are one of its most valuable assets. Non-recourse debt gives the Company a put option at the mortgage amount on properties worth substantially less than their associated mortgage"

"If FDO raised an incremental $1.5bn of debt, bought back stock at $60, and closed only half the productivity gap, the company would earn ~$5.50 of 2012 EPS and trade in the high $70s at a 14x P/E"

"TWX 'has the financial flexibility, within the current Baa1 debt rating, to absorb the larger share repurchase [i.e., the Management Repurchase Plan] in the time allotted by management' — Moody's"

""Since the financial crisis, U.S. savers alone have lost roughly USD 470 billion in interest rate income, net of lower debt costs." — Swiss Re, "Financial repression: The unintended consequences""

"Management's use of short-term debt has burdened the business with refinancing risk in an environment in which the CDOR rate has risen sharply and is expected to rise for the foreseeable future."

"We start by un-levering the Beta for each company in our comp set. We divide each company's Levered Beta by one plus its tax-effected debt-to-equity ratio. — Financial Modeling Course References"

"REITs operating across a wide range of real estate subsectors are currently levered at 6.1x net debt / forward EBITDA on average, with generally higher business cyclicality than CCI in our view"

"In addition, there are two Luxembourg-listed debt instruments arranged by Channel Finance and secured by NMC Healthcare. As seen in the prospectus, this debt is expressly for reverse factoring:"

"The business units of TWX, if separated, should have the ability to manage even more debt (estimated at up to $23 billion) without jeopardizing their ability to secure investment grade ratings."

"In fact, RUN investor relations referred to tax equity as “effectively debt”, which underscores our concern that RUN is, in essence, selling the ITCs or using them as collateral for financing."

"Not only would a partial or full monetization of real estate unlock substantial value, it would also accelerate SIX’s debt paydown, provide cash for buybacks and quicken dividend reinstatement"

"Xylem also presents two sets of balance sheets, with one that cannot possibly balance without debt properly accounted for with short-term liabilities. Assets or equity could also be misstated."

"“fundamental lack of understanding of [AGO’s] business model.” — Assured Guaranty (AGO); “Mr. Einhorn’s focus on total debt service ignores this lack of acceleration.” — Assured Guaranty (AGO)"

"Avery is expensive relative to its specialty chemical and materials peers, even before our adjustments to its enterprise value for added debts, and normalization of EBITDA and Free Cash Flow."

"GGO will have a strong balance sheet. 100% of GGO's debt is property level and non-recourse. $250mm of balance sheet cash ensures GGO has ample liquidity to fund value creation opportunities"

"I’d especially highlight Puerto Rican debt, which AGO says is rated CCC or CC depending on the issue, even though Puerto Rico defaulted last year and S&P and Moody’s show much lower ratings."

"Canadian Tire's business model is an interconnected web of risk held by Canadian Tire. The model is highly dependent on debt financing and is a much riskier than a traditional Dealer model."

"Proceeds were used to refinance debt including a bridge loan related to our UK acquisition and drawings under our revolving credit facility; some of the proceeds will also be held in cash."

"Verint’s balance sheet, meanwhile – saddled by $650M of net debt at 3x leverage, by our estimates – will likely restrict it from making similarly-sizable investments in cloud capabilities."

"Canadian Tire’s business model is an interconnected web of risk held by Canadian Tire. The model is highly dependent on debt financing and is much riskier than a traditional Dealer model."

"Inconvenient truths are hidden under Directors and hand-waved away to be fixed later - the result is significant technical debt (in my opinion) in the core products while trying to scale."

"The vast majority of HASI's dividends have been financed by returns of capital, not returns on capital - in other words, HASI primarily pays its dividends through equity and debt raises."

"We believe the timeline of these events is not a coincidence and simply the company had to find a way to pay back the debt facility, having to pay it back in full in the next 10 months."

"It appears that CPI PG’s debt for equity swap enabled Vitek to pocket approximately ~€118 million in cash. Meanwhile CPI PG apparently assumed over €220 million of Vitek’s liabilities."

"Nuvei currently has a $14 billion enterprise value. We believe current market data providers fail to adjust its enterprise value for a recent equity raise and other debt adjustments."

"Spruce Point believes FND’s actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"Spruce Point believes FND's actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"The Company despite the reaffirmation of its ratings and despite achieving its target in the 2nd quarter of 2004, continued to pursue debt reduction as its sole financial objective."

"As of Q2'09, CXW's interest coverage ratio was 5.4x. Its next debt maturity is not until 2012. Its cash interest expense is less than 6%, and more than 80% of its debt is fixed rate"

"The only thing that separates Greece from France, Ireland, Italy, Portugal and Spain is that the Greeks openly admit that they can’t repay their debts, while the rest remain silent."

"Greenlight thinks that when the subordinated debt can be purchased at a discount, then the remaining subordinated debt should be marked to the same level and the equity impaired."

"Long-term contracts and strong asset base at FirstGroup US can support higher debt levels at lower cost, providing a cash distribution to FirstGroup immediately prior to spin-off"

"PSH’s long-term debt management strategy is focused on managing leverage over time by increasing NAV through strong performance and laddering its maturities through new issuances"

"Using an appropriate mix of debt and equity as well as growing cash flow from their franchise operations, they have paid out 210% of their cumulative Free Cash Flow since IPO."

"We have assumed that no incremental debt would be issued at McOpCo as of 9/30/2005 on top of the estimated $3 billion required to repatriate earnings from foreign territories."

"After adjusting Olam's EBITDA to remove non-cash accounting gains, it is showing that Olam is currently leveraged at 9.3x gross debt to LTM EBITDA, and 1.6x interest coverage."

"Enterprise Value = Equity Value + Debt + Preferred Stock + Unfunded Pension + Non-Controlling Interest - Cash - Marketable Securities - NPV of Tax Shield - Equity Investments."

"Maxar is already pushing out its deleveraging process, as illustrated with subtle revisions to a key chart it used to sell investors on its ability to rapidly pay down debt."

"TWC could potentially maintain its investment grade rating with a target leverage ratio of up to 4.75x debt/OIBDA; at 4.75x - 6.0x TWC would be likely rated Ba1/BB+ or lower"

"Vitek extinguished debts in the tens of millions of euro his proxy-owed entity owed to CPI PG. He then possibly extracted even more cash by selling a receivable back to CPI!"

"We believe the common theme between Just Energy and Sunnova is that both companies offer a relatively undifferentiated product and service offering and carry too much debt."

"Applying 8x our estimate of 2028E EBIT (incl. stock-based comp), and subtracting year-end 2025E net debt, implies a fair value of $13 per share, representing 88% downside."

"If the maximum tax-supported debt after a restructuring would be at most $18 billion, it implies losses of over $2 billion on just the tax supported debt AGO has insured."

"It appears that Solvency II did not anticipate negative bond yields, as holding debt with locked in negative yields can’t possibly be safer than selling and holding cash."

"Step 1: Disposal of TEN via auction process. The cash proceeds from the Tenon disposal will be used to repay Tenon's debt and finance the ARBRs research and development."

"PSH’s long-term debt management strategy is to manage leverage over time by increasing NAV through strong performance and laddering its maturities through new issuances"

"In 2008, Target’s bad debt expense as a % of average receivables increased to 14.4% from 6.6% the year prior. This compares to 7.3% for Target’s credit card competitors"

"If one of the malls dies, equity value is nearly wiped out. Given the covenants associated with recourse debt, the destruction of value would likely be even more severe"

"PSH's long-term debt management strategy is to manage leverage over time by increasing NAV through strong performance and laddering its maturities through new issuances"

"Public real estate companies have access to multiple financing options unavailable to private real estate companies, including public equity and public unsecured debt."

"SCT has sufficient capacity to raise low-cost debt of KRW 2-3tr to redeploy for growth asset investing and/or shareholder returns while lowering WACC and improving RoE"

"In this way, we also see BUR as possessing the same illness that, in our view, brought Enron and Noble Group down: Addiction to mark-to-model gains financed by debt."

"Enterprise Value represents value to both debt and equity holders. On the other hand, Net Income represents profit that the company earned solely for equity holders."

"The Financial Times December 20, 2019 report on NMC’s attempted off-balance sheet debt financing hints at hidden debt secured by share pledges. — The Financial Times"

"For 25 years, we have not paid one single cent of dividends. We personally got into very high debts in order to move the company forward to the position it has now."