I can see WPL using the excess FCF to manage the debt...

I can see WPL using the excess FCF to manage the debt maturities. i.e. use the excess FCF to pay down debt, then when the cash is needed, go to the debt market again. I must admit that I have a conservative view wrt debt for companies that have no control over prices. History has shown that commodity prices can rise and fall with extreme speed and the best way for companies to protect themselves against this is to have a good balance sheet.

HT1

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