RE:Good analysis A good general overview, but missing some details.
"As we can see, AQN has senior unsecured notes of $1.15 billion at a rate of 1.18%. Will the interest rate be below or near 1.18% by the time these notes mature and AQN needs to refinance them? This could be a potential problem for AQN in the next few years. "
Those 1.18% notes (Green Equity Units) do not require refinancing as they automatically convert to equity in 2024, although it seems that the coupon is paid until 2026. Icing on the cake, I suppose. Classified as "non-dilutive" by AQN so no worries.
AQN's Green Equity Units:
"Pursuant to the purchase contract forming part of each outstanding Green Equity Unit, holders are required to purchase AQN common shares on June 15, 2024. The minimum settlement rate under each purchase contract is 2.7778 common shares and the maximum settlement rate is 3.3333 common shares, resulting in a minimum of 63,889,400 common shares and a maximum of 76,665,900 common shares issuable on settlement of the purchase contracts."