Hawaiian Electric to sell
$300 million of notes
WASHINGTON >> Hawaiian Electric Industries Inc. has filed to raise as much as $300 million through the sale of medium-term notes.HEI filed with the Securities and Exchange Commission to register the securities in advance and sell them in an underwritten offering when financing needs arise or market conditions become favorable. Standard & Poor's assigned a BBB rating to the notes, terms of which will be disclosed later. At the same time, S&P revised the company's outlook to stable from negative.
The company has tapped Merrill Lynch & Co.; Goldman, Sachs & Co.; Robert W. Baird & Co.; Janney Montgomery Scott LLC and U.S. Bancorp Piper Jaffray Inc. to underwrite the notes sale. Proceeds from the sale have been earmarked for repaying debt, making investments in and loans to subsidiaries, working capital and general corporate purposes, according to the filing.
Hawaiian Electric shares, which have gained 24 percent over the last six months, rose 16 cents yesterday to $47.58.