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Tuesday, December 2, 2008

Hawaiian Electric plans stock offering

Pacific Business News (Honolulu)

Hawaiian Electric Industries plans to offer 4.2 million shares of common stock in a public offering, the company announced Tuesday.

Hawaiian Electric (NYSE: HE) said it will use the net proceeds from the sale to repay its outstanding short-term debts and to make loans to its subsidiary, Hawaiian Electric Co.

HECO will use the loan to repay a portion of its outstanding commercial paper borrowings that were used to finance ongoing capital expenditure programs.

Morgan Stanley & Co. is the sole book-running manager for the offering.

Shares of Hawaiian Electric Industries stock closed down slightly to $25.87 on Tuesday.


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