Pat Vincent-Collawn: And Jonathan, we have and if you look at our capital slide, we haven’t updated our capital past 2025. So when we do that, if we end up doing that, then we would — we would go further on those numbers, but right now, 2025 is the furthest we have for our projections.
Jonathan Reeder: Okay. And then last for me, expanding on the already to discuss financing needs in the merger scenario. Can you talk a little more about how you would address the $1 billion outstanding under the term loan. Is it just long-term debt, a combination of debt and equity beyond the $200 million already contemplated in guidance or perhaps do you take this strategy that seems to be popular right now and issue convertible?
Lisa Eden: Yeah, Jonathan. So what we’ve said is that we will put permanent financing in place. We have talked about our equity needs for this year. But beyond 2023, we haven’t exactly define what that’s going to look like, but of course that will be something that we will do later in the year.
Jonathan Reeder: Okay. All right. Great. Thank you for taking my questions.
Lisa Eden: You’re welcome.
Pat Vincent-Collawn: Thank you and have a great weekend
Operator: Our next question will come from Anthony Crowdell with Mizuho. Please go ahead.
Anthony Crowdell: Hey. Good morning. Thanks for the update on National Bartender Day. I really appreciate it.
Pat Vincent-Collawn: You’re welcome. Just tip well, Anthony. I know you well.
Anthony Crowdell: Absolutely. I just have one quick one and I apologize if you’ve already addressed that it’s on Slide 13 kind of where Jonathan was headed. You mentioned non-merger scenario potentially for $20 million of equity. What if — and maybe just split into many hairs here, but what is the mergers approval process is still going on by the time we get to end of ’23, it — would this company is still do the equity or that’s equity needs only if the deal was voted down and I — I also appreciate if you don’t want to discuss it because the deal is still pending?
Pat Vincent-Collawn: Yeah. So we really can’t answer that one right now, because it requires a whole bunch of discussions with the Board and AVANGRID whether the appeal is still going on. So we will update you on that one next time when we have some more clarity.
Anthony Crowdell: Perfect. Thanks so much. I’ll go to the Bartender now. Thanks.
Pat Vincent-Collawn: Okay.
Operator: Our next question here will come from Tim Winter with Gabelli Funds. Please go ahead.
Tim Winter: Good morning and congrats on a good year.
Pat Vincent-Collawn: Thank you.
Don Tarry: Thanks, Tim.
Lisa Eden: Good morning, Tim.
Tim Winter: I was just hoping for some more clarification on the interplay of the merger application between the Supreme Court and the commission. So you need — what I understand is you need to pull the appeal with the Supreme Court to get the commission moving on your merger application. And then the second part of that would be, what if the commission remanded — the Supreme Court remanded it back to the commission, let’s just say today, what would be the next process? And then finally with one commissioner refusing himself, do you need both of them to approve it, or how does that work?
