Hawaiian Electric Industries, Inc. (NYSE: HE) has announced its intention to offer $500,000,000 of shares of its common stock, with an option for underwriters to purchase up to an additional $75,000,000 of shares. The company plans to utilize the net proceeds from the offering to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes.
Wells Fargo Securities, LLC and Barclays Capital Inc. are the joint lead book-running managers, and Guggenheim Securities, LLC is a book-running manager for the offering. The common stock offering will be made by means of a prospectus supplement under HEI’s effective registration statement on Form S-3ASR, as filed with the Securities and Exchange Commission (SEC).
In terms of the company's financial performance, it's important to note that Hawaiian Electric Industries, Inc.'s stock is listed on the New York Stock Exchange under the symbol "HE". The company's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is working on an ambitious effort to decarbonize its operations and the broader state economy.
The announcement of the common stock offering reflects the company's strategy to secure funding for its legal obligations and general business needs, while also highlighting its commitment to financial transparency and regulatory compliance. As a result of these announcements, the company's shares have moved -0.6% on the market, and are now trading at a price of $10.9. Check out the company's full 8-K submission here.
