XML 34 R15.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Long-term debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Long-term debt | Long-term debt Long-term debt consists of the following:
Borrowing type |  |  |  |  |  |  |  |  |  | Weighted average coupon |  | Maturity |  | Par value |  | June 30, |  | December 31,
|  |  |  |  |  |  |  |  |  |  | 2024 |  | 2023
Senior unsecured revolving credit facilities (a) |  |  |  |  |  |  |  |  |  | — |  |  | 2024-2028 |  | N/A |  | $ | 668,876 |  |  | $ | 1,624,186 |
Senior unsecured bank credit facilities and delayed draw term facility (b) |  |  |  |  |  |  |  |  |  | — |  |  | 2024-2031 |  | N/A |  | 789,216 |  |  | 786,962 |
Commercial paper |  |  |  |  |  |  |  |  |  | — |  |  | 2025 |  | N/A |  | 33,000 |  |  | 481,720 |
U.S. dollar borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes (Green Equity Units) (c) |  |  |  |  |  |  |  |  |  | 5.37 | % |  | 2026 |  | $ | 1,140,787 |  |  | 1,135,137 |  |  | 1,144,897 |
Senior unsecured notes (d) |  |  |  |  |  |  |  |  |  | 4.25 | % |  | 2027-2047 |  | $ | 2,195,000 |  |  | 2,181,669 |  |  | 1,406,278 |
Senior unsecured utility notes |  |  |  |  |  |  |  |  |  | 6.30 | % |  | 2025-2035 |  | $ | 137,000 |  |  | 146,623 |  |  | 147,589 |
Senior secured utility bonds (e) |  |  |  |  |  |  |  |  |  | 4.82 | % |  | 2026-2044 |  | $ | 861,681 |  |  | 850,773 |  |  | 551,166 |
Construction loan (f) |  |  |  |  |  |  |  |  |  | 6.57 | % |  | 2024 |  | $ | 163,735 |  |  | 163,735 |  |  | — |
Canadian dollar borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes |  |  |  |  |  |  |  |  |  | 3.68 | % |  | 2027-2050 |  | C$ | 1,200,000 |  |  | 873,025 |  |  | 904,604 |
Senior secured project notes |  |  |  |  |  |  |  |  |  | 10.21 | % |  | 2027 |  | C$ | 15,097 |  |  | 11,030 |  |  | 12,738 |
Chilean Unidad de Fomento borrowings |  |  |  |  |  |  |  |
Senior unsecured utility bonds |  |  |  |  |  |  |  |  |  | 3.82 | % |  | 2028-2040 |  | CLF | 1,463 |  |  | 64,026 |  |  | 70,967 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,917,110 |  |  | $ | 7,131,107 |
Subordinated borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated unsecured notes |  |  |  |  |  |  |  | 5.25 | % |  | 2082 |  | C$ | 400,000 |  |  | $ | 288,459 |  |  | $ | 298,382 |
Subordinated unsecured notes |  |  |  |  |  |  |  | 5.21 | % |  | 2079-2082 |  | $ | 1,100,000 |  |  | 1,087,080 |  |  | 1,086,541 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,375,539 |  |  | $ | 1,384,923 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,292,649 |  |  | $ | 8,516,030 |
Less: current portion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (158,278) |  |  | (621,856) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,134,371 |  |  | $ | 7,894,174 |
Short-term obl igations of $864,197 that are expected to be refinanced using the long-term credit facilities are presented as long-term debt. Long-term debt issued at a subsidiary level (project notes or utility bonds) relating to a specific operating facility is generally collateralized by the respective facility with no other recourse to the Company. Long-term debt issued at a subsidiary level whether or not collateralized generally has certain financial covenants, which must be maintained on a quarterly basis. Non-compliance with the covenants could restrict cash distributions/dividends to the Company from the specific facilities. 7.Long-term debt (continued) The following table sets out the bank credit facilities available to AQN and its operating groups:
|  |  |  |  |  |  | June 30, |  | December 31,
|  |  |  |  |  |  | 2024 |  | 2023
Revolving and term credit facilities |  |  |  |  |  |  | $ | 4,589,200 |  |  | $ | 4,562,000 |
Funds drawn on facilities/commercial paper issued |  |  |  |  |  |  | (1,491,100) |  |  | (2,892,900) |
Letters of credit issued |  |  |  |  |  |  | (461,900) |  |  | (469,100) |
Liquidity available under the facilities |  |  |  |  |  |  | 2,636,200 |  |  | 1,200,000 |
Undrawn portion of uncommitted letter of credit facilities |  |  |  |  |  |  | (254,600) |  |  | (254,100) |
Cash on hand |  |  |  |  |  |  | 131,633 |  |  | 56,142 |
Total liquidity and capital reserves |  |  |  |  |  |  | $ | 2,513,233 |  |  | $ | 1,002,042 |
Recent financing activities: (a)Senior unsecured revolving credit facilities O n January 29, 2024, the Regulated Services Group amended its senior unsecured revolving credit facility, increasing the limit by $25,000 to $100,000. As at June 30, 2024, the Senior unsecured revolving credit facility of Bermuda Electric Light Company Limited (the "Bermuda Working Capital Facility") had $25,000 drawn. O n June 14, 2024, the Company extended the maturity of the Bermuda Working Capital Facility from June 24, 2024 to August 24, 2024. (b)Senior unsecured bank credit facilities and delayed draw term facility On January 8, 2024, the maturity date of the fully drawn $306,500 secured credit facility of Liberty Development Energy Solutions B.V. (the "Margin Loan") w as extended to September 30, 2024. The Company reclassified the Margin Loan from redeemable non-controlling interest held by related party to long-term debt as at January 4, 2024. The Company prepaid the fully drawn $306,500 Margin Loan o n June 20, 2024. (c)Senior unsecured notes (Green Equity Units) On March 28, 2024, the Company successfully remarketed its $1,150,000 aggregate principal amount of 1.18% Senior Notes due June 15, 2026 (the "Notes"). The Notes were originally issued in June 2021, together with the related purchase contracts (the "Purchase Contracts"), as a component of the Company’s corporate units (the "Green Equity Units"). In connection with the remarketing, the interest rate on the Notes was reset to 5.365%, with the maturity date remaining June 15, 2026. The proceeds from the remarketing of the Notes were used, as an interim step prior to the settlement of the Purchase Contracts, to purchase a portfolio of treasury securities maturing on June 13, 2024. The funds generated upon maturity of the treasury portfolio were used on June 17, 2024 to settle the Purchase Contracts. (d)Senior unsecured notes On January 12, 2024, Lib erty Utilities Co. completed an offering of $500,000 aggregate principal amount of 5.577% senior notes due January 31, 2029 (the "2029 Notes") and $350,000 aggregate principal amount of 5.869% senior notes due January 31, 2034 (the "2034 Notes" and together with the 2029 Notes, the "Senior Notes"). The Senior Notes are unsecured and unsubordinated obligations of Lib erty Utilities Co. and rank equally with all of Lib erty Utilities Co.’s existing and future unsecured and unsubordinated indebtedness and senior in right of payment to any existing and future Lib erty Utilities Co.’s subordinated indebtedness. The 2029 Notes were priced at an issue price of 99.996% of their face value and the 2034 Notes were priced at an issue price of 99.995% of their face value. Liberty Utilities Co. used the net proceeds from the sale of the Senior Notes to repay indebtedness. On April 30, 2024, the Company repaid a $70,000 senior unsecured note on its maturity. 7.Long-term debt (continued) (e)Senior secured utility bonds On January 30, 2024, Empire District Bondco, LLC, a wholly owned subsidiary of The Empire District Electric Company, completed an offering of approximately $180,500 of aggregate principal amount of 4.943% Securitized Utility Tariff Bonds with a maturity date of January 1, 2035 and $125,000 aggregate principal amount of 5.091% Securitized Utility Tariff Bonds with a maturity date of January 1, 2039, to recover previously incurred qualified extraordinary costs associated with the Midwest Extreme Weather Event and energy transition costs related to the retirement of the Asbury generating plant. (f)Construction loan Subsequent to the quarter end, on July 19, 2024, the Company repaid a $163,735 third-party construction loan assumed on acquisition of the remaining 50% ownership in the Shady Oaks II Wind Facility as described in note 3(b). As of June 30, 2024, the Company had accrued $99,851 in interest expense (December 31, 2023 - $74,493). Total interest expenses recognized for the three and six months ended June 30, 2024 and 2023 co nsist of the following:
| Three months ended |  | Six months ended
| June 30 |  | June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Long-term debt | $ | 73,169 |  |  | $ | 65,046 |  |  | $ | 139,881 |  |  | $ | 128,814 |
Commercial paper, credit facility draws and related fees | 39,299 |  |  | 27,714 |  |  | 82,412 |  |  | 52,140 |
Accretion of fair value adjustments | (5,094) |  |  | (824) |  |  | (10,956) |  |  | (4,223) |
Capitalized interest and AFUDC capitalized on regulated property | (2,269) |  |  | (4,420) |  |  | (5,661) |  |  | (8,304) |
Other | 682 |  |  | 2,147 |  |  | 2,635 |  |  | 3,154 |
| $ | 105,787 |  |  | $ | 89,663 |  |  | $ | 208,311 |  |  | $ | 171,581 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration