Hawaiian Electric, two subsidiaries place $80 million of notes in three tranches

New York, 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.

The coupon for all three tranches is 5.23%.

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.

Based in Honolulu, Hawaiian Electric is a holding company with its principal subsidiaries engaged in electric utility, banking and other businesses.

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