Hawaiian Electric Industries (NYSE: HE) prices $500M 6.000% 2033 notes

Rhea-AI Filing Summary

Hawaiian Electric Industries, Inc., parent of Hawaiian Electric Company, disclosed that Hawaiian Electric has priced $500 million aggregate principal amount of 6.000% Senior Notes due 2033. These notes are a new debt financing that will bear a fixed 6.000% interest rate until their 2033 maturity.

The notes are being offered in a transaction exempt from registration, and have not been registered under the Securities Act of 1933. They may only be offered or sold in the United States under a registration or a valid exemption, underscoring that this is a private debt offering rather than a public securities sale.

Insights

Credit & capital structure analyst

$500M 6.000% 2033 notes add significant long-term debt.

Hawaiian Electric has priced $500 million aggregate principal amount of 6.000% Senior Notes due 2033. This increases the company’s fixed-rate long-term debt, locking in a 6.000% interest cost until 2033. For a regulated utility, long-dated senior notes are a common way to fund capital needs while matching asset lives.

The notes are offered in a transaction that has not been registered under the Securities Act and are limited to investors who can rely on a registration exemption. This structure means the issuance targets institutional-style buyers rather than a broad public investor base. The filing does not detail how the proceeds will be used, so the balance between funding growth, refinancing existing obligations, or other purposes is not specified in this excerpt.

Because this is standard senior debt, the key considerations are ongoing interest expense at the 6.000% coupon and any future disclosures on proceeds use in subsequent reports. Actual impact on leverage and coverage metrics will depend on how this $500 million is deployed and whether it replaces existing debt or adds net new borrowing.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: September 11, 2025

Exact Name of Registrant			Commission			I.R.S. Employer
as Specified in Its Charter			File Number			Identification No.
Hawaiian Electric Industries, Inc.			1-8503			99-0208097
Hawaiian Electric Company, Inc.			1-4955			99-0040500

State of Hawaii

(State or other jurisdiction of incorporation)

 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813 - Hawaiian Electric Industries, Inc. (HEI)

1099 Alakea Street, Suite 2200, Honolulu, Hawaii  96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)

(Address of principal executive offices and zip code)

 Registrant’s telephone number, including area code:

 (808) 543-5662 - HEI

(808) 543-7771 - Hawaiian Electric

  Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:

Registrant			Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Hawaiian Electric Industries, Inc.			Common Stock, Without Par Value			HE			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

Item 8.01 Other Events.

On September 11, 2025, Hawaiian Electric Industries, Inc. (“HEI”) (NYSE – HEI), the parent company of Hawaiian Electric Company, Inc. (“Hawaiian Electric”), announced the pricing of Hawaiian Electric’s $500 million aggregate principal amount of 6.000% Senior Notes due 2033 (the “Notes”). A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale of the Notes or any other security in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Notes being offered in the offering will not be and have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Forward-Looking Statements

This Report, including Exhibit 99.1, contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon management’s current expectations, beliefs, assumptions and estimates, and on information currently available to us, all of which are subject to change, and are not guarantees of timing, future results or performance. These forward-looking statements involve certain risks and uncertainties and other factors that could cause actual results to differ materially from those indicated in such forward-looking statements, as discussed further in the attached press release.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
99.1			Press release, dated September 11, 2025, of Hawaiian Electric Industries, Inc.
104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

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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 11, 2025						Date: September 11, 2025

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FAQ

What did Hawaiian Electric Industries (HE) announce in this 8-K?

Hawaiian Electric Industries, Inc. reported that its subsidiary Hawaiian Electric Company, Inc. has priced $500 million aggregate principal amount of 6.000% Senior Notes due 2033.

What are the key terms of Hawaiian Electric’s new notes?

The new securities are Senior Notes with an aggregate principal amount of $500 million, carrying a fixed 6.000% interest rate and maturing in 2033.

Are Hawaiian Electric’s 6.000% Senior Notes due 2033 registered with the SEC?

No. The company states the notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

Does this 8-K describe an offer to sell the new notes to the public?

No. The company explains that this report does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other security in any jurisdiction where such actions would be unlawful.

Which company within the Hawaiian Electric group is issuing the 6.000% Senior Notes?

The $500 million 6.000% Senior Notes due 2033 are being issued by Hawaiian Electric Company, Inc., the utility subsidiary of Hawaiian Electric Industries, Inc.

Does the filing include forward-looking statements related to the notes?

Yes. The company notes that this report, including the attached press release, contains forward-looking statements that involve risks and uncertainties which could cause actual results to differ materially.