Callouts & quotes from 398+ activist slides

"If the sovereign debt trades to a negative yield, it would be wise to sell it to hold cash."

"We doubt the company can avoid an expensive debt restructuring in the next 12 - 18 months."

"Companies generally prefer not to use Stock because Cash and Debt are cheaper than Stocks."

"Over the past three months, REITs have been able to issue large amounts of low-cost debt"

"Overnight bank lending markets have stabilized and debt issuance is beginning to pick up"

"XPO could have flushed bad debts and labelled them as acquisition costs to be ignored."

"Publishing should target a long-term leverage ratio of 3.25x - 3.50x total debt/OIBDA."

"Muddy Waters hereby offers to pay for one series of straight debt to be rated by S&P."

"A $350 million portfolio sale would generate little-to-no tax or debt breakage costs"

"A $350 million portfolio sale would generate little-to-no tax or debt breakage costs"

"Target pays down ~$9bn of debt, eliminating significant interest expense obligations"

"AMR would have you believe it's almost debt free but it ignores legacy liabilities."

"The nearly 100bps excess spread relative to the cost of debt is historically wide."

"HHC maintains a conservatively funded balance sheet with mostly non-recourse debt"

"ADP has what's known, a massive amount – a massive amount – of technical debt."

"By under-reserving for bad debts, FND may be overstating revenues and margins."

"Canadian Tire is exposed to all of the debt and leverage at the Dealer level"

"You can’t get blood from a stone. Puerto Rico can only support so much debt."

"GGP viewed its MPCs as a cash cow to be liquidated to help pay debt service"

"Imagine the same portfolio of malls financed with unsecured, recourse debt"

"Even so, the supported debt ranges from only $4 billion to $18 billion."

"debt due within one year has spiked 55.4% in 1H17 to RMB 11.1 billion."

"Note that Sunrun’s corporate level debt is presently yielding ~16.5%"

"TIP REIT’s Master Lease is much more attractive than long-term debt"

"In our view, OMERS' investment was actually debt with a 9% coupon."

"iPrefs are equity, not debt. There is no such thing as a default."

"The common debt structure in an LBO is 4x Term Loan and 2x Bond."

"We believe NMC's reported debt is manipulated and understated."

"Bad debts double, yet LSPD experienced organic revenue growth?"

"No market exists for refinancing GGP's ~$15bn of CMBS debt"

"WTRG's Bad Debt Allowance Skyrocketed From 20.6% to 29.2%"

"Current leverage is >5.5x Net Debt/Pro-Forma LTM EBITDA"

""debt is the engine, it's the fuel." — Management"

"Approximately 82% of GGP’s debt is fixed rate"

"Reduction of Debt should be highest priority"

"What is TWX saving its debt capacity for?"

"Cost of debt of 8% for CA and SYMC"

"Non-Debtor Entity Debt $1,990,964"