HONOLULU–(BUSINESS WIRE)–Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI or the Company) announced today that it has priced a public offering of 54,054,054 shares of its common stock at $9.25 per share. The offering is expected to close on September 25, 2024, subject to customary closing conditions.
The Company has granted the underwriters an option offering to purchase up to an additional 8,108,108 common shares at the public offering price less underwriting discounts and commissions.
HEI intends to use the net proceeds of the offering to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes.
Wells Fargo Securities, LLC and Barclays Capital Inc. is the joint lead book-running manager and Guggenheim Securities, LLC is the book-running manager for the offering.
The offering of common stock is conducted by supplementing the prospectus pursuant to HEI’s effective registration statement on Form S-3ASR, filed with the Securities and Exchange Commission (SEC).
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor does it constitute an offer, solicitation or sale of securities in any jurisdiction where such offer, solicitation or sale is unlawful. The offer may only be made in conjunction with the prospectus relating to the offer and the accompanying prospectus. To obtain additional copies of the prospectus and the related base prospectus for this offering, please contact Wells Fargo Securities, LLC, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at (800)-645-3751 (option #5) or email your request to WFScustomerservice@wellsfargo.com or Barclays Capital Inc., c/o Broadridge Financial Solutions (NYSE:) 1155 Long Island Avenue, Edgewood, NY 11717, at (888) 603-5847 or email your request to Barclaysprospectus@broadridge.com.
About HEI
The HEI family of companies provides energy and financial services that power many of Hawaii’s economic and community activities. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking ambitious efforts to decarbonize its operations and the broader state economy. Our banking subsidiary, American Savings Bank, is one of Hawaii’s largest financial institutions, providing a variety of banking and other financial services and working to promote economic growth, affordability and financial well-being. HEI also helps achieve Hawaii’s sustainability goals through investments by its unregulated subsidiary, Pacific Current.
Statement of hope
This release may contain forward-looking statements, which include statements that are predictive in nature, dependent on or referring to future events or conditions, and typically include words such as will, anticipate, anticipate, intend, plan, believe, predict, estimate or the same expression. In addition, any statement about future financial performance, ongoing business strategies or prospects, or possible future actions is also a forward-looking statement. Forward-looking statements are based on current expectations and forecasts about future events and are subject to risks, uncertainties and the accuracy of assumptions about HEI and its subsidiaries, the performance of the industry in which they do business and economic, political and market factors, among others. These forward-looking statements are not guarantees of future performance.
The forward-looking statements in this release should be read in conjunction with the Cautionary Notes Regarding Forward-Looking Statements and the Discussion of Risk Factors (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31. , 2023 and other HEI periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in the statement. This forward-looking statement speaks only as of the date the report, presentation or filing is made. Except as required by federal securities laws, HEI, Hawaiian Electric, ASB and its subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Investors
Mateo Garcia
Director, Investor Relations
ir@hei.com
(808) 543-7300
Media
Julie Smolinski
VP, Strategy & Corporate Sustainability
media@hei.com
(808) 543-5874
Source: Hawaiian Electric Industries (NYSE:), Inc.
