Hawaiian Electric prices 5M shares at $23 each
Pacific Business News (Honolulu)
Hawaiian Electric Industries priced 5 million shares of common stock at $23 per share for a total of $115 million.
The company said it intends to use the proceeds of the sale to repay outstanding short-term debts.
Hawaiian Electric said it will also use the proceeds to make loans to subsidiary Hawaiian Electric Co.
In addition, the underwriters have an over-allotment option to purchase up to an additional 750,000 shares of common stock from Hawaiian Electric.
Morgan Stanley & Co. Incorporated is the sole book-running manager for the offering. Goldman, Sachs & Co., Robert W. Baird & Co. Incorporated and D.A. Davidson & Co. are co-managers for the offering.
Shares of Hawaiian Electric were down 7.8 percent to $23.83 in afternoon trading Wednesday.
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