Hawaiian Electric, a subsidiary of Hawaiian Electric Industries (HEI), received approval from the Public Utilities Commission (PUC) for an asset-based lending facility credit agreement that allows short-term borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral.
According to a related 8-K filing, several banks participated in the transaction, including First Citizens, Barclays as administrative agent, funding agent and collateral agent and Wells Fargo as co-collateral agent.
“We appreciate the PUC’s approval on the expedited schedule Hawaiian Electric had requested. An accounts receivable facility is a tool commonly used by utilities to support their financing needs, and this will help support the important operational work underway by Hawaiian Electric to support safety, resilience and reliability,” Scott Seu, president and CEO of HEI, said. “Hawaiian Electric continues to prudently manage liquidity as we work through the timing and impacts of litigation related to the Maui wildfires, and this facility provides them with additional flexibility.”
