Hawaiian Electric gets $75 million unsecured revolver

By Sara Rosenberg

New York, Dec. 9 - Hawaiian Electric Co. Inc. closed on a new $75 million nine-month unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Wells Fargo Bank is the administrative agent on the deal that was effective as of Dec. 8.

Pricing on the revolver is Libor plus 175 basis points with a 25 bps commitment fee.

Proceeds will be used to provide backup and liquidity for the company's commercial paper borrowings and to provide funding for its working capital needs, intercompany loans to its subsidiaries and general corporate purposes.

Hawaiian Electric is a Hawaii-based energy company.

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