Hawaiian Electric Industries Enters Material Agreement

TL;DR

HE just signed a big deal, new financial obligations incoming.

AI Summary

Hawaiian Electric Industries, Inc. (HE) and its subsidiary Hawaiian Electric Company, Inc. entered into a material definitive agreement on September 5, 2025. This filing also discloses a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant, along with Regulation FD disclosures and financial statements.

Why It Matters

This filing indicates a significant new financial commitment or arrangement for Hawaiian Electric Industries, which could impact its financial obligations and operational strategies.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and new financial obligations can introduce financial risks and operational complexities.

Key Players & Entities

• HAWAIIAN ELECTRIC INDUSTRIES INC (company) — Filer
• HAWAIIAN ELECTRIC CO INC (company) — Subsidiary Filer
• 20250905 (date) — Date of Report and Agreement

FAQ

Key Financial Figures

• $25 million — ded Facility, except that approximately $25 million in aggregate principal amount of loans
• $300 million — r its Amended Facility was increased to $300 million from $175 million under its Original Fa
• $175 million — lity was increased to $300 million from $175 million under its Original Facility and include
• $30 million — ion letter of credit sub-facility and a $30 million swingline sub-facility. The term of HEI
• $50 m — itment increases of up to an additional $50 million, subject to customary conditions.
• $200 million — lity was increased to $300 million from $200 million under its Original Facility and include
• $40 million — er its Original Facility and includes a $40 million letter of credit sub-facility and a $30
• $75 m — itment increases of up to an additional $75 million, subject to customary conditions.
• $100 — % Cumulative Preferred Stock, par value $100 per share, at a redemption price equal
• $100.00 — r share, at a redemption price equal to $100.00 per share, plus accrued and unpaid divi
• $20 — % Cumulative Preferred Stock, par value $20 per share, at a redemption price equal
• $21.00 — r share, at a redemption price equal to $21.00 per share; Series D 5% Cumulative Pref
• $20.00 — r share, at a redemption price equal to $20.00 per share; Series J 4% Cumulative Pref

Filing Documents

• he-20250905.htm (8-K) — 52KB
• exhibit101heiagreement.htm (EX-10.1) — 967KB
• exhibit102hecoagreement.htm (EX-10.2) — 904KB
• 0000354707-25-000044.txt ( ) — 2406KB
• he-20250905.xsd (EX-101.SCH) — 2KB
• he-20250905_def.xml (EX-101.DEF) — 16KB
• he-20250905_lab.xml (EX-101.LAB) — 28KB
• he-20250905_pre.xml (EX-101.PRE) — 17KB
• he-20250905_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On September 5, 2025 (the "Closing Date"), each of Hawaiian Electric Industries, Inc. ("HEI") and Hawaiian Electric Company, Inc. ("Hawaiian Electric" and, together with HEI, the "Companies") entered into a fourth amended and restated senior unsecured revolving credit facility (each, an "Amended Facility") with a syndicate of financial institutions, Wells Fargo Bank, National Association, as an issuing bank, and JPMorgan Chase Bank, N.A. ("JPM"), as administrative agent, swingline lender and an issuing bank. Each Amended Facility amended and restated the respective Company's third amended and restated credit agreement, each dated as of May 14, 2021 (each such credit agreement as amended prior to Closing Date, an "Original Facility"), with the lenders party thereto and JPM, as administrative agent, swingline lender and issuing bank. In connection with the amendment and restatement of the Original Facilities, no loans or letters of credit will be drawn or issued under either Amended Facility, except that approximately $25 million in aggregate principal amount of loans that were outstanding under the Original Facility of Hawaiian Electric will remain outstanding on the Closing Date under Hawaiian Electric's Amended Facility. The aggregate amount of revolving commitments available to HEI under its Amended Facility was increased to $300 million from $175 million under its Original Facility and includes a $25 million letter of credit sub-facility and a $30 million swingline sub-facility. The term of HEI's Original Facility was extended under its Amended Facility to September 5, 2030. HEI's Amended Facility also allows for commitment increases of up to an additional $50 million, subject to customary conditions. The aggregate amount of revolving commitments available to Hawaiian Electric under its Amended Facility was increased to $300 million from $200 million under its Original Facility and includes a $40 million le

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. Hawaiian Electric and its subsidiaries, Maui Electric Company, Limited ("Maui Electric") and Hawaii Electric Light Company, Inc. ("Hawaii Electric Light"), have elected to redeem all of their respective outstanding series of cumulative preferred stock, as set forth below. Notices of redemption will be sent to holders of the cumulative preferred stock in accordance with the respective terms thereof. Hawaiian Electric, Maui Electric and Hawaii Electric Light expect to redeem the cumulative preferred stock on October 15, 2025. Maui Electric has elected to redeem all of its Series H 7.625% Cumulative Preferred Stock, par value $100 per share, at a redemption price equal to $100.00 per share, plus accrued and unpaid dividends to, but not including, the redemption date. Hawaii Electric Light has elected to redeem all of its Series G 7.625% Cumulative Preferred Stock, par value $100 per share, at a redemption price equal to $100.00 per share, plus accrued and unpaid dividends to, but not including, the redemption date. Hawaiian Electric has elected to redeem all of the following series of cumulative preferred stock: Series C 4% Cumulative Preferred Stock, par value $20 per share, at a redemption price equal to $21.00 per share; Series D 5% Cumulative Preferred Stock, par value $20 per share, at a redemption price equal to $21.00 per share; 2 Series E 5% Cumulative Preferred Stock, par value $20 per share, at a redemption price equal to $21.00 per share; Series H 5% Cumulative Preferred Stock, par value $20 per share, at a redemption price equal to $21.00 per share; Series I 5% Cumulative Preferred Stock, par value $20 per share, at a redemption price equal to $20.00 per share; Series J 4% Cumulative Preferred Stock, par value $20 per share, at a redemption price equal to $21.00 per share; and Series K 4.65% Cumulative Preferred Stock, par value $20 per share, at a redemption price equal to $21.00 per share, in each case, pl

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. Forward-looking statements include, without limitation, statements regarding the anticipated redemptions of cumulative preferred stock and the expected timing of related notices and payments. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially include, among others, market conditions, legal or regulatory requirements, and other factors described from time to time in HEI's and Hawaiian Electric's filings with the SEC. HEI and Hawaiian Electric undertake no obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 * Fourth Amended and Restated Credit Agreement, dated as of September 5, 2025, by and among Hawaiian Electric Industries, Inc., the lenders from time to time party thereto, Wells Fargo Bank, National Association, as an issuing bank, and JPMorgan Chase Bank, N.A., as administrative agent, swingline lender and an issuing bank. 10.2 * Fourth Amended and Restated Credit Agreement, dated as of September 5, 2025, by and among Hawaiian Electric Company, Inc., the lenders from time to time party thereto, Wells Fargo Bank, National Association, as an issuing bank, and JPMorgan Chase Bank, N.A., as administrative agent, swingline lender and an issuing bank. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K, but will be furnished supplementally to the SEC upon request. 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 and Senior Vice President, Chief Financial Officer Chief Financial Officer and Treasurer Date: September 8, 2025 Date: September 8, 2025 4

View Full Filing

View this 8-K filing on SEC EDGAR