Hawaiian Electric slides on $500 mln stock offering for Maui wildfire settlement

Hawaiian Electric Industries

24/09/2024 12:14

** Shares of Hawaiian Electric Industries  HE.N  down 12.4%
premarket to $9.55, over 2-mth low, after co raises equity to
fund part of Maui wildfire settlement
    ** Parent co of utility Hawaiian Electric late Mon sold
~54.1 mln shares at $9.25 for $500 mln gross proceeds
    ** Offering price represents 15.1% discount to stock's last
sale
    ** Wells Fargo and Barclays joint lead bookrunners, along
with Guggenheim
    ** HE has 110.3 mln shares outstanding for ~$1.2 bln market
cap
    ** Last week, co filed up to $250 mln "at-the-market" (ATM)
equity sales program for various uses
    ** In Aug, HE raised going concern doubts after disclosing
it didn't have financing plan for a more than $4 bln settlement
to compensate victims of the 2023 Maui wildfires, which claimed
over 100 lives
    ** Through Mon, shares have lost 23% 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))