By Lisa Kerner
Charlotte, N.C., April 23 - Hawaiian Electric Co., Inc. and its electric utility subsidiaries, Maui Electric Co., Ltd. and Hawaii Electric Light Co., Inc., entered into separate note purchase agreements on Friday for the private placement of senior notes totaling $417 million.
According to an 8-K filing with the Securities and Exchange Commission, Hawaiian Electric issued notes totaling $327 million as follows:
• $30 million of 3.79% notes, series 2012A, due Dec. 1, 2018;
• $62 million of 4.03% notes, series 2012B, due Jan. 1, 2020;
• $50 million of 4.55% notes, series 2012C, due Nov. 1, 2023;
• $35 million of 4.72% notes, series 2012D, due Nov. 1, 2029; and
• $150 million of 5.39% notes, series 2012E, due April 1, 2042.
Maui Electric issued the following notes totaling $59 million:
• $9 million of 3.79% notes, series 2012A, due Dec. 1, 2018;
• $20 million of 4.03% notes, series 2012B, due Jan. 1, 2020; and
• $30 million of 4.55% notes, series 2012C, due Nov. 1, 2023.
Hawaii Electric Light issued the following notes totaling $31 million:
• $11 million of 3.79% senior notes, series 2012A, due Dec. 1, 2018; and
• $20 million of 4.55% senior notes, series 2012B, due Nov. 1, 2023.
The notes have a make-whole call option at Treasuries plus 50 basis points.
Proceeds will be used in part to redeem $267 million of special-purpose revenue bonds issued through the Department of Budget and Finance of the State of Hawaii.
The $150 million balance of the proceeds is new debt to Hawaiian Electric and will be used to finance its capital expenditures and/or for the reimbursement of funds used for the payment of capital expenditures.
Purchasers include Teachers Insurance and Annuity Association of America, Pacific Life Insurance Co., Northwestern Mutual Life Insurance Co., Massachusetts Mutual Life Insurance Co., Unum Life Insurance Co. of America, Lincoln National Life Insurance Co., John Hancock Life Insurance Co. (USA), United of Omaha Life Insurance Co., ING USA Annuity and Life Insurance Co., Reliastar Life Insurance Co., Modern Woodmen of America, Connecticut General Life Insurance Co., Phoenix Life Insurance Co., Great-West Life & Annuity Insurance Co., Woodmen of the World Life Insurance Society and Southern Farm Bureau Life Insurance Co.
Based in Honolulu, Hawaiian Electric is a holding company with its principal subsidiaries engaged in the electric utility, banking and other businesses.
| Issuers: | Hawaiian Electric Co., Inc. and subsidiaries Maui Electric Co., Ltd. and Hawaii Electric Light Co., Inc.
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| Issue: | Senior notes
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| Amount: | $417 million
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| Call option: | Make-whole at Treasuries plus 50 bps
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| Pricing date: | April 19
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| Distribution: | Private placement
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| Purchasers: | Teachers Insurance and Annuity Association of America, Pacific Life Insurance Co., Northwestern Mutual Life Insurance Co., Massachusetts Mutual Life Insurance Co., Unum Life Insurance Co. of America, Lincoln National Life Insurance Co., John Hancock Life Insurance Co. (USA), United of Omaha Life Insurance Co., ING USA Annuity and Life Insurance Co., Reliastar Life Insurance Co., Modern Woodmen of America, Connecticut General Life Insurance Co., Phoenix Life Insurance Co., Great-West Life & Annuity Insurance Co., Woodmen of the World Life Insurance Society and Southern Farm Bureau Life Insurance Co.
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|
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| Hawaiian Electric
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| Series 2012A
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| Amount: | $30 million
|
| Maturity: | Dec. 1, 2018
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| Coupon: | 3.79%
|
|
|
| Series 2012B
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| Amount: | $62 million
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| Maturity: | Jan. 1, 2020
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| Coupon: | 4.03%
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|
|
| Series 2012C
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| Amount: | $50 million
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| Maturity: | Nov. 1, 2023
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| Coupon: | 4.55%
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|
|
| Series 2012D
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| Amount: | $35 million
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| Maturity: | Nov. 1, 2029
|
| Coupon: | 4.72%
|
|
|
| Series 2012E
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| Amount: | $150 million
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| Maturity: | April 1, 2042
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| Coupon: | 5.39%
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|
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| Maui Electric
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| Series 2012A
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| Amount: | $9 million
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| Maturity: | Dec. 1, 2018
|
| Coupon: | 3.79%
|
|
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| Series 2012B
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| Amount: | $20 million
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| Maturity: | Jan. 1, 2020
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| Coupon: | 4.03%
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|
|
| Series 2012C
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| Amount: | $30 million
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| Maturity: | Nov. 1, 2023
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| Coupon: | 4.55%
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|
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| Hawaii Electric Light
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| Series 2012A
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| Amount: | $11 million
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| Maturity: | Dec. 1, 2018
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| Coupon: | 3.79%
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|
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| Series 2012B
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| Amount: | $20 million
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| Maturity: | Nov. 1, 2023
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| Coupon: | 4.55%
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