Hawaiian Electric Industries, Inc. (HEI) has recently announced the pricing of Hawaiian Electric's $500 million aggregate principal amount of 6.000% senior notes due 2033. The company intends to utilize the net proceeds from the offering 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, subject to customary closing conditions.
In the previous period, Hawaiian Electric's capital expenditures and debt repayment were at a level that prompted the need for a $500 million offering. This represents a significant increase in financing needs compared to the previous period.
The notes have not been registered under the securities act, or any state securities laws, and are being sold only to qualified institutional buyers pursuant to rule 144a under the securities act and to non-U.S. persons outside the United States pursuant to regulation s under the securities act.
This private offering reflects Hawaiian Electric's proactive approach to managing its financial needs and indicates a strategic move to address its capital requirements. The company's decision to tap into the senior notes market at this time suggests a deliberate effort to optimize its capital structure and fund its ongoing and future projects. Today the company's shares have moved -0.29% to a price of $12.105. For more information, read the company's full 8-K submission here.
