HONOLULU, Dec 02, 2008 (BUSINESS WIRE) -- Hawaiian Electric Industries, Inc. (NYSE:HE) announced today that
it priced a public offering of 5,000,000 shares of its common stock at
$23 per share for gross proceeds of $115 million. In addition, the
underwriters have an over-allotment option to purchase up to an
additional 750,000 shares of common stock from HEI. HEI intends to use
the net proceeds from the sale to repay its outstanding short-term
indebtedness consisting of borrowings under its line of credit facility
and commercial paper borrowings and to make loans to its subsidiary,
Hawaiian Electric Company, Inc. ("HECO"), principally to permit HECO to
repay a portion of its outstanding commercial paper borrowings. The
proceeds of HECO's commercial paper borrowings were partly used to
finance HECO's ongoing capital expenditure programs.
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.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities in any jurisdiction to
any person to whom it is unlawful to make an offer, solicitation or sale
in such jurisdiction. The offering may be made by means of a prospectus
and a related prospectus supplement, copies of which may be obtained
when available from Morgan Stanley & Co. Incorporated, c/o Prospectus
Department, 180 Varick Street 2/F, New York, New York 10014 or by email
at prospectus@morganstanley.com.
Forward-looking Statements
Certain statements herein constitute "forward-looking statements,"
within the meaning of the Private Securities Litigation Reform Act of
1995, that involve a number of risks and uncertainties that could cause
actual results to differ materially from those indicated, including the
changing of regional and national economic conditions, changes in the
real estate market, changes in levels of market interest rates, credit
risks on lending activities, and competitive and regulatory factors. All
forward-looking statements are necessarily speculative and undue
reliance should not be placed on any such statements, which are accurate
only as of the date made. HEI disclaims any duty to update such
forward-looking statements.
Forward-looking statements in this release should be read in conjunction
with the "Forward-Looking Statements" discussion (which is incorporated
by reference herein) set forth on pages iv and v of HEI's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2008, and in
HEI's future periodic reports that discuss important factors that could
cause HEI's results to differ materially from those anticipated in such
statements.
SOURCE: Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries, Inc.
Suzy P. Hollinger, 808-543-7385
808-203-1155 Facsimile
Manager, Treasury and Investor Relations
E-mail: shollinger@hei.com
