Tender Offer - HAWAIIAN ELECTRIC INDUSTRIES INC

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Form Type: 8-K

Filing Date: 2025-03-05

Corporate Action: Tender-offer

Type: New

Accession Number: 000095014225000634

Filing Summary: On March 5, 2025, Hawaiian Electric Industries, Inc. (the 'Company') announced its decision to utilize proceeds from the sale of shares of its subsidiary, American Savings Bank (ASB), for a tender offer to purchase certain senior notes. The offer is aimed at repurchasing up to the Maximum Ratable Portion of the Notes at a price of 100% of the principal amount plus accrued interest, which will be valid until April 2, 2025, unless extended. The total cash proceeds from the ASB sale amounted to approximately $383.7 million. Each tender offer will be governed by the terms outlined in the respective Offers to Purchase, which were also dated March 5, 2025. The Offers are contingent upon meeting certain conditions and must comply with relevant securities laws. This announcement serves as a notification regarding the tender offers and does not constitute an offer to purchase or a solicitation for acceptances of the terms noted in this report.

Additional details:

Note Purchase Agreements: A series of Note Purchase Agreements for various senior notes were previously disclosed, detailing principal amounts, interest rates, and maturity dates.

Asb Net Cash Proceeds: Approximately $383.7 million from the sale of 90.1% of the common stock of ASB to various investors.

Expiration Date: April 2, 2025, at 5:00 P.M. New York City time, unless extended.

Withdrawal Deadline: April 2, 2025, at 5:00 P.M. New York City time.

Maximum Rateable Portion: The maximum amount offered in each tender is calculated based on the ASB Net Cash Proceeds and the outstanding principal amount of all notes.

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