Hawaiian Electric Industries, Inc. Launches Major Stock Offering
Hawaiian Electric Industries, Inc. Stock Offering Announcement
Hawaiian Electric Industries, Inc. (NYSE: HE) has recently unveiled its intention to offer shares of common stock valued at $500,000,000. This initiative marks a significant step for the company, which plays a crucial role in providing energy services to a large portion of Hawaii's population. The common stock is listed under the ticker symbol "HE" on the New York Stock Exchange.
Details of the Offering
As part of this stock offering, the Company plans to give the underwriters the option to buy an additional $75,000,000 worth of shares at the public offering price, minus any underwriting fees. This strategy is designed to ensure that the company can meet the demand from investors while maximizing the funds available for upcoming projects and commitments.
Utilization of Proceeds
Hawaiian Electric intends to allocate the proceeds from this stock offering towards crucial needs, including contributing to the expected settlement related to litigation arising from the recent Maui wildfires, as well as for general corporate purposes. This proactive approach underscores the company’s commitment to addressing community needs while ensuring stable operations.
Management and Underwriters
Wells Fargo Securities, LLC and Barclays Capital Inc. are serving as the lead book-running managers for this offering. Additionally, Guggenheim Securities, LLC joins them as a book-running manager. Their involvement reflects confidence in the offering's reception and the overall strength of Hawaiian Electric’s market presence.
Regulatory Compliance
The stock offering will be conducted under HEI’s effective registration statement on Form S-3ASR, which has already been filed with the Securities and Exchange Commission (SEC). This compliance underscores the company's adherence to regulatory requirements and transparency in its operations.
About Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries (HEI) is a prominent player in the energy sector in Hawaii, providing essential electric utility services through its subsidiary, Hawaiian Electric. The utility company serves approximately 95% of the islands' population and is committed to transitioning towards sustainable and decarbonized energy solutions. Furthermore, HEI operates American Savings Bank, one of Hawaii's largest financial institutions, enhancing its contribution to the local economy through comprehensive financial services.
Sustainability Efforts
HEI is actively working on decarbonizing its operations while contributing to the broader sustainability goals set forth for Hawaii. The company’s non-regulated subsidiary, Pacific Current, is particularly focused on investments that further these shared sustainability objectives. Alongside providing reliable energy, HEI’s initiatives reflect its dedication to fostering economic growth, financial wellness, and environmental stewardship within the community.
Frequently Asked Questions
What is the purpose of Hawaiian Electric's stock offering?
The primary goal of the offering is to raise funds to contribute to the Maui wildfire litigation settlement and support general corporate activities.
How much is Hawaiian Electric aiming to raise through this offering?
Hawaiian Electric intends to raise $500,000,000 from the stock offering, with an additional $75,000,000 option for underwriters.
Who are the underwriters for the stock offering?
The underwriters include Wells Fargo Securities, LLC, Barclays Capital Inc., and Guggenheim Securities, LLC, who are managing the offering.
Where is Hawaiian Electric listed?
Hawaiian Electric is listed on the New York Stock Exchange under the ticker symbol "HE".
What are HEI's commitments to sustainability?
HEI is focused on decarbonizing its operations and contributing to the sustainability of Hawaii through investments by its non-regulated subsidiary, Pacific Current.
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