Hawaiian Electric drops on $250 mln stock offering plans

Hawaiian Electric Industries

19/09/2024 12:19

** Hawaiian Electric's  HE.N  shares down 3.4% premarket to
$11.65 as co looks to raise equity
    ** Utility co early Thurs files up to $250 mln
"at-the-market" (ATM) equity sales program to be handled by
Wells Fargo, Barclays and Guggenheim
    ** Co plans to use net proceeds from any sales to invest in
loans to Hawaiian Electric Industries (HEI) subsidiaries,
finance strategic investments or potential acquisitions, and
fund litigation expenses related to Maui wildfire settlement
    ** Last month, HE raised going concern doubts after
disclosing it didn't have financing plan for the $1.99 bln Maui
wildfire settlement
    ** HE has ~110.3 mln shares outstanding for $1.3 bln market
cap
    ** Through Weds, stock down 15% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))