Callouts & quotes from 291+ activist slides

"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."

"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."

"Cashpooling: The Company maintains a current account with BV Inversiones, S.L. to manage the group's treasury. These debts accrue market interest based on Euribor."

"These assets, valued in excess of $1.0 billion, could be used to reduce initial indebtedness levels or provide funds for re-investment in the core business of TWX."

"Our analysis indicates that TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating."

"When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects."

"When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects."

"Fairfax Used Off-Balance Sheet Debt and a New JV to Create an Illusory $117.1 Million Gain While Avoiding Recognizing Losses on Associates it Stuffed into the JV."

"We believe Stryker has been delaying Capex to temporarily boost cash flow, especially as it has to pay down debt related to the Wright Medical Group acquisition."

"Shift from bank loans to debt in Europe continues to present the largest opportunity in the near-term; Jan. 2006 to May 2012 CAGR: 9% for Bonds vs. 5% for Loans"

"The conclusion is that the SeparateCos could borrow up to $23.0 billon of debt to be used to return capital to shareholders or for future strategic initiatives."

"Spruce Point adjusts the Company’s capital structure for Restricted Stock Units, interest payable on outstanding debt, and the book value of the SB Tempus JV."

"and 10-year notes raised at 4.25% and 4.75%, respectively and for $2bn incremental debt assumes 7-year and 10-year notes raised at 4.5% and 5.0%, respectively"

"Greenlight does not understand how debt securities that have to be partially equitized due to below plan operating performance can have a fair value of cost."

"During its time as a Public Company: GGP paid ~$4bn in dividends; GGP refinanced or paid down ~$32bn of debt; Until Q1'09, GGP never defaulted on a mortgage."

"Should Dollarama’s struggles become more pronounced – or should the economic cycle turn for the worse – this debt overhang could loom large over the business"

"One thing that has grown consistently in the past 5 years at Saputo are its debt obligations, with increasing dependency on short-term unsecured bank loans."

"Exhibit 3.38 provides a summary of the credit of Publishing with leverage of 6.0x total debt/OIBDA (which assumes a non-investment grade rating of Ba1/BB+)."

"A sharp rise in interest rates poses a risk to equity investors as the Company currently has approximately US$8.4 billion of net debt on its balance sheet."

"Management does not commit to conducting M&A, but instead says that it has “optionality to execute M&A,” and says that it may have to assume debt to do so."

"AOL with $4.8 billion in debt would be positioned against a broader group of investment grade and non-investment grade media and communications companies."

"GSHD’s shareholders took on debt, held by the company, and more than half of the proceeds went into the pockets of the CEO and the other pre-IPO holders."

"CCI's essentially domestic tower portfolio does not seem to have garnered the Company an advantage at securing low cost debt relative to its tower peers"

"The Bankruptcy Code offers the ability for debtors to “cram down” creditors so long as each class of creditor receives the present value of their claims"

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"Tempus has a relatively uncommon requirement that it must maintain minimum consolidated revenues at $1.0 billion to avoid violating its debt covenant."

"Because TRE has $2.1 billion in debt outstanding, which we believe exceeds the potential recovery, we value its equity at less than $1.00 per share."

"It is possible that Zebra is factoring lower quality receivables or retaining them and under-reserving for bad debts which would overstate earnings."

"Under PROMESA, Puerto Rico is able to restructure its debt under Title 3, which is similar to a bankruptcy process but outside of bankruptcy court."

"TWX, despite the full implementation of the Management Repurchase Plan, would continue to be overcapitalized with significant excess debt capacity."

"We don't see a path to profitability for AREN and we would be surprised if both RILY's debt and equity positions were wiped out by the end of 2023."

"Teck doesn't have any debt coming due until 2030. Management says that once QB2 comes online, the free cash flow will be returned to shareholders."

"All Together, Insiders Cashed Out $4.5 Billion From PLTK Before/Through IPO, Leaving Public Investors With Over $2 Billion Debt. What Is The Rush?"

"After this transaction, Pro Forma McDonald's would be leveraged approximately 3.5x Total Debt/EBITDA or at a 25% Debt to Enterprise Value ratio."

"We believe investors should be discounting substantial dilution and more debt issuance into the forward valuation of WTRG's equity share price."

"The Company’s financial condition was deteriorating significantly with Net Debt / EBITDA > 10x and EBITDA interest coverage hovering around 1x."

"We Believe Broadridge’s Billion Dollar Sink Hole Project With UBS Wealth Management Needs To Be Impaired And A Debt Covenant Breach Is Imminent"