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Hawaiian Electric Industries has generated $485 million in a sale of newly issued shares of stock.
The parent of Hawaii’s largest electrical utility
announced Monday that it
intended to sell $500 million worth of new shares for $9.25 each. That sale happened Monday, and the company disclosed Tuesday that after underwriting discounts and commissions, HEI netted $485 million.
HEI issued new stock partly to help fund a pending settlement of claims over 2023’s Maui wildfire disaster. Hawaiian Electric has agreed to pay $1.99 billion over four years to settle claims.
HEI also has given underwriters in Monday’s stock sale an option to buy $75 million in additional new shares, and has a plan to sell up to $250 million in yet more new shares from time to time at prevailing market prices over the next three years.
In all, HEI stands to sell $825 million worth of new stock.
Shares of HEI closed at $9.90 Tuesday, down from $10.90 on Monday.
