By Lisa Kerner
Charlotte, N.C., Oct. 16 – Hawaiian Electric Co., Inc. and its electric utility subsidiaries, Maui Electric Co., Ltd. and Hawaii Electric Light Co., Inc. each entered into separate note purchase agreements on Oct. 15 for the placement of 5.23% unsecured senior notes, series 2015A, due 2045, totaling $80 million.
Hawaiian Electric will issue $50 million of the notes, Maui Electric will issue $5 million and Hawaii Electric Light will issue $25 million, according to a form 8-K filed with the Securities and Exchange Commission.
U.S. Bancorp Investments, Inc. was the placement agent.
Proceeds will be used by the companies to finance their capital expenditures and/or for the reimbursement of funds used for the payment of capital expenditures.
The notes have a make-whole call at Treasuries plus 50 basis points.
Under the agreements, the companies will not permit their consolidated capitalization ratio to be less than 0.35 to 1.00, or their consolidated subsidiary funded debt to capitalization ratio to exceed 0.65 to 1, for specified periods.
Based in Honolulu, Hawaiian Electric is a holding company with its principal subsidiaries engaged in electric utility, banking and other businesses.
| Issuer: | Hawaiian Electric Co., Inc.; Maui Electric Co., Ltd.; Hawaii Electric Light Co., Inc.
|
| Issue: | Unsecured senior notes, series 2015A
|
| Amount: | $80 million ($50 million for Hawaiian Electric, $5 million for Maui Electric, $25 million for Hawaii Electric Light)
|
| Maturity: | Oct. 1, 2045
|
| Coupon: | 5.23%
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| Call: | Make-whole call at Treasuries plus 50 bps
|
| Placement agent: | U.S. Bancorp Investments, Inc.
|
| Distribution: | Private placement
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| Settlement date: | Oct. 15
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