We put $300 million of growth capital in service in 2011. We have a $1 billion in 2012 and 2013 of projects underway now that we’re coming online in that timeframe. That provides clear visibility to EBITDA growth for the enterprise.
We manage our growth with discipline and we’re very well positioned for that growth as we stand today. We did a couple of financings in January and so we stand at 2.8 times debt-to-EBITDA pro forma for those financings and have $1.1 billion of liquidity.
That track record of disciplined financial management and execution around our growth gives us very good ratings momentum. We had upgrades from both agencies over the last 12 months and as a scale of the Company continues that’s certainly something we would look forward to over the next couple of years. And importantly the visibility of our growth projects allows us to have clarity on what we see is – as a growth in EBITDA for the enterprise and distribution growth of 10% to 15% for the partnership for 2012.
Capital formation, this slide shows on the up right about $3 billion of investment in expansion and acquisitions and dropdowns at partnership since its formation in 2007. Our target is about a 50/50 mix of debt and equity and we show the funding for those growth investments on the bottom. The red line represents the cumulative run rate and that number tags out at about 55% on the conservative side of our 50/50 target.Read the rest of this transcript for free on seekingalpha.com