Hawaiian Electric Industries, Inc. (HEI) has announced the pricing of Hawaiian Electric's $500 million aggregate principal amount of 6.000% senior notes due 2033. The net proceeds from the offering will be used to finance capital expenditures, repay long-term debt, and/or short-term debt. The offering is expected to close on or about September 18, 2025.
It's important to note that the notes have not been registered under the securities act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the securities act and applicable state securities laws.
This announcement follows the company's recent financial performance. In the last period, Hawaiian Electric reported a 10% increase in capital expenditures and a 5% decrease in long-term debt. Additionally, the company's revolving credit facility and term loan increased by 8% to finance or refinance capital expenditures. These figures indicate the company's ongoing investment in its operations and infrastructure.
The pricing of the senior notes and the intended use of the proceeds align with Hawaiian Electric's strategy to maintain a balance between financing its capital needs and managing its debt obligations. The offering provides the company with additional funds to support its future growth and development initiatives. As a result of these announcements, the company's shares have moved 0.91% on the market, and are now trading at a price of $12.14. For the full picture, make sure to review HAWAIIAN ELECTRIC INDUSTRIES INC's 8-K report.
