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Hawaiian Electric sells $34M of common stock to parent

Dec 31, 2020 - SNL Energy Finance Daily

The payment to the parent company was made for the utility to maintain its targeted capital structure.

Hawaiian Electric Co. Inc. issued and sold 275,593 shares of its common stock, totaling $34 million, in a private placement to Hawaiian Electric Industries Inc. The payment to the parent company was made for the utility to maintain its targeted capital structure.

Hawaiian Electric will use proceeds for the reimbursement of funds used for capital expenditures, according to a Dec. 30 ...