Hawaiian Electric gets $75 million two-year term loan to pay off notes

By Wendy Van Sickle

Columbus, Ohio, March 23 – Hawaiian Electric Industries, Inc. entered into a $75 million two-year term loan agreement Monday with Bank of America, NA, according to an 8-K filing with the Securities and Exchange Commission.

The borrower drew the full amount on Wednesday to pay off its $75 million 4.4% senior note, which matures March 24, 2016.

Interest is Libor plus 75 basis points.

Hawaiian Electric must maintain a maximum ratio of funded debt to capitalization of 0.5 times.

The loan matures on March 23, 2018.

Based in Honolulu, Hawaiian Electric is a holding company with its principal subsidiaries engaged in electric utility, banking and other businesses.

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