My gut says they'll refinance on better terms, because debt gives them flexibility to do more capex than if entirely equity financed. As a shareholder, I don't want a lazy balance sheet.
Can't help on how they solve their puzzle. But the main positive is there is internal competition for growth capex. This means they are less likely to do something particularly stupid. (A much better problem than only having one project, which they will commit to regardless of returns.)
SMR Price at posting:
$3.14 Sentiment: None Disclosure: Held
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