Hawaiian Electric seals $40 million placement of 4.54% notes with insurance companies

By Devika Patel

Knoxville, Tenn., Dec. 16 – The week opened with only one offering: Honolulu electric utility and banking holding company Hawaiian Electric Co., Inc. announced a sale of $40 million of 4.54% senior notes, series 2016A, due 2046, that priced and settled on Thursday.

The notes, which fund capital expenditures and debt repayment, have a make-whole call option at Treasuries plus 50 basis points.

John Hancock Life Insurance Co. invested $22 million, Connecticut General Life Insurance Co. invested $6 million, CMFG Life Insurance Co. invested $6 million, United of Omaha Life Insurance Co. invested $3 million, and Mutual of Omaha Insurance Co. invested $3 million.

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