Hawaiian Electric Industries Enters Material Definitive Agreement

TL;DR

HE files 8-K for material definitive agreement & financial obligation.

AI Summary

On May 17, 2024, Hawaiian Electric Industries, Inc. entered into a Material Definitive Agreement related to a direct financial obligation. The filing also includes financial statements and exhibits.

Why It Matters

This filing indicates a significant financial commitment or obligation for Hawaiian Electric Industries, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Material definitive agreements and financial obligations can introduce new risks or alter existing ones for a company.

Key Players & Entities

• HAWAIIAN ELECTRIC INDUSTRIES INC (company) — Filer
• HAWAIIAN ELECTRIC CO INC (company) — Subsidiary/Former Company
• 20240517 (date) — Report Date
• 20240522 (date) — Date as of Change

FAQ

Key Financial Figures

• $250 million — awaii (PUC), allows borrowings of up to $250 million on a revolving basis using certain acco

Filing Documents

• he-20240517.htm (8-K) — 42KB
• heex101abl-creditagreement.htm (EX-10.1) — 2272KB
• heex102abl-intermediatepur.htm (EX-10.2) — 443KB
• heex103abl-borrowerpurchas.htm (EX-10.3) — 302KB
• barclaysa.jpg (GRAPHIC) — 7KB
• hecologoa.jpg (GRAPHIC) — 6KB
• 0000354707-24-000029.txt ( ) — 3699KB
• he-20240517.xsd (EX-101.SCH) — 3KB
• he-20240517_def.xml (EX-101.DEF) — 16KB
• he-20240517_lab.xml (EX-101.LAB) — 28KB
• he-20240517_pre.xml (EX-101.PRE) — 16KB
• he-20240517_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. As described in more detail below, on May 17, 2024, Hawaiian Electric Company, Inc. (Hawaiian Electric), through a special-purpose subsidiary, entered into an asset-based lending facility (ABL Facility) credit agreement (ABL Credit Facility Agreement) with several banks, which, subject to the limitations and conditions set forth in such agreement, including approval by the Public Utilities Commission of the State of Hawaii (PUC), allows borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral. Under the arrangement, Hawaiian Electric entered into ABL Credit Facility Agreement through HE AR BRWR LLC (the Borrower), an indirect, wholly owned subsidiary of Hawaiian Electric, with Barclays Bank PLC (Barclays) as Administrative Agent, Funding Agent, and Collateral Agent, Wells Fargo Bank, National Association (Wells Fargo) as Co-Collateral Agent, and each of Barclays, Wells Fargo and First Citizens Bank & Trust Company (collectively, the Lenders). Pursuant to the ABL Credit Facility Agreement, the Lenders thereunder agreed to extend credit to the Borrower in the form of two asset-based revolving credit sub-facilities with an aggregate principal amount of $250 million. In connection with the ABL Credit Facility Agreement, Hawaiian Electric, Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc., (individually and collectively, the Originators) entered into a purchase and contribution agreement, dated May 17, 2024, with HE AR INTER LLC (Intermediate SPV), a wholly owned direct subsidiary of Hawaiian Electric and direct parent of the Borrower, and the Intermediate SPV entered into a purchase and contribution agreement, dated May 17, 2024, with the Borrower, (collectively, the Purchase Agreements). The Originators, under the terms of the Purchase Agreements, will sell substantially all of their accounts receivable from the sale of electricity to their elect

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 ABL Credit Agreement, dated May 17, 2024, among HE AR BRWR LLC, as Borrower, the Lenders (as defined in the agreement), Barclays Bank PLC, as Administrative Agent, Funding Agent and Collateral Agent, Wells Fargo Bank, National Association as Co-Collateral Agent. 10.2 Purchase and Contribution Agreement among Hawaiian Electric Company, Inc., Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc, as Originators, Hawaiian Electric Company, Inc., as Servicer, and HE AR INTER LLC, as Buyer, dated May 17, 2024. 10.3 Borrower Purchase and Contribution Agreement among HE AR INTER LLC, as Seller, Hawaiian Electric Company, Inc., as Servicer, and HE AR BRWR LLC, as Buyer, dated May 17, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof. HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC. (Registrant) (Registrant) /s/ Scott T. DeGhetto /s/ Paul K. Ito Scott T. DeGhetto Paul K. Ito Executive Vice President, Senior Vice President, Chief Financial Officer and Treasurer Chief Financial Officer and Treasurer Date: May 23, 2024 Date: May 23, 2024 4

View Full Filing

View this 8-K filing on SEC EDGAR