Ben Vaughan: Mostly what we’re focusing on in those businesses are, what I would consider, fairly smaller scale, but important projects for our clients to just help them with additional capacity needs, we’re seeing utilization rates increase and reach pretty high levels across our midstream fleet. And so most of what we’re engaged in is, I call them bite sized capital projects to allow our customers to bring either more barrels or gas through our facilities, and they’re very smaller scale and relatively lower risk CapEx projects that are highly accretive for us. So that’s our main area of focus.
Sam Pollock: I would say on a total dollar basis, though, Ben, it’s probably the next couple of years, we’ve been investing $400 million of capital with relatively low EBIT to the CapEx ratios. So they are very accretive. They represent a diversified number of clients. And we’ve been doing this both at IPL as well as — at North River.
Operator: And our next question comes from the line of Patrick Kenny from NBF. Your question, please.
Patrick Kenny: Thank you. Good morning. Just coming back to the balance sheet, you reference [Technical Difficulty] over the next 12 months. Could you maybe [Technical Difficulty]? Just wanted to confirm whether or not there may be any businesses [Technical Difficulty] might be in sub-liquidity support over the next 12 months?
David Krant: I didn’t catch much of that, admittedly, Pat. It’s David here. I think what I did catch and feel free to jump in. What I think you’re asking about was upcoming refinancings that we referenced in our materials, and then the need for liquidity or support from the business or from Brookfield Infrastructure. And I think, we highlighted the well laddered maturity profile in our materials. We have no concerns around the leverage in each — any of our businesses that we have, or the need for financial support for them. As we’ve alluded too, in the past, these are structured predominantly to investment grade levels, very sustainable amounts of leverage of the underlying businesses. And the reason we do that is for the ability to operate through cycles.
And we’ve seen that come to fruition this year. So, I’d say, from a maturity standpoint, we have about 5% in the next 12 months. When we think through the cost of that financing, depending on when that debt was raised, if it was in the last five years, it was probably, somewhere in the 150 to 200 basis points, more expensive on base rates, spreads for the sector have remained relatively constructive, because of over — the market has been very open for high-quality infrastructure businesses like ours. So we’re not feeling any concerns at the portfolio company or upcoming refinancing.
Patrick Kenny: Okay. No, that’s great, David. Thanks. And then, you guys provided a quick recap of your Investor Day highlights. And I apologize if I missed it, but just wanted to confirm on the back of the Cyxtera transaction here that you continue to expect that 12% plus FFO per unit growth over the next one to three years.
David Krant: Yes. Nothing has changed in the environment from last month when we provided that.
Operator: Thank you. This does conclude the question-and-answer session of today’s program. I’d like to hand the program back to Sam Pollock for any further remarks.
Sam Pollock: Okay. Thank you, operator. And thank you to everyone for joining the call this morning. We’d like to wish everyone a very happy upcoming holiday season. And we look forward to providing you our fourth quarter and year end results over the New Year. All the best. Thank you.
Operator: Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.
