Hawaii Public Utilities Commission Approves Hawaiian Electric’s $250M Utility Accounts Receivable Credit Facility
28 Giugno 2024 - 11:00PM
Business Wire
On June 27, 2024 Hawaiian Electric Company, Inc. (Hawaiian
Electric), a subsidiary of Hawaiian Electric Industries, Inc.
(NYSE - HE) (HEI), received approval from the Public
Utilities Commission (PUC) for an asset-based lending facility
credit agreement (ABL Credit Facility Agreement) that allows
short-term borrowings of up to $250 million on a revolving basis
using certain accounts receivable as collateral. The ABL Credit
Facility Agreement is described in detail in HEI’s form 8-K filed
with the Securities and Exchange Commission on May 23, 2024.
“We appreciate the PUC’s approval on the expedited schedule
Hawaiian Electric had requested. An accounts receivable facility is
a tool commonly used by utilities to support their financing needs,
and this will help support the important operational work underway
by Hawaiian Electric to support safety, resilience and reliability.
Hawaiian Electric continues to prudently manage liquidity as we
work through the timing and impacts of litigation related to the
Maui wildfires, and this facility provides them with additional
flexibility,” said Scott Seu, HEI president and CEO.
The PUC’s approval is described in detail in its Decision and
Order (number 40866) issued on June 27, 2024, available publicly on
the PUC’s website at https://hpuc.my.site.com/cdms/s/.
ABOUT HEI
The HEI family of companies provides the energy and financial
services that empower much of the economic and community activity
of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies
power to approximately 95% of Hawaii’s population and is
undertaking an ambitious effort to decarbonize its operations and
the broader state economy. Its banking subsidiary, ASB, is one of
Hawaii’s largest financial institutions, providing a wide array of
banking and other financial services and working to advance
economic growth, affordability and financial fitness. HEI also
helps advance Hawaii’s sustainability goals through investments by
its non-regulated subsidiary, Pacific Current. For more
information, visit www.hei.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240628128880/en/
Mateo Garcia Director, Investor Relations Telephone: (808)
543-7300 E-mail: ir@hei.com
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