Credit agreement - HECO Credit agreement (Tables) - HECO

9 Months Ended

Sep. 30, 2013

Subsequent event changes in long-term debt

Subsequent event-changes in long-term debt. On October 3, 2013, Hawaiian Electric, Maui Electric and Hawaii Electric Light each entered into its separate note purchase agreement with various purchasers of their taxable unsecured senior notes (Notes) with an aggregate principal amount of $236 million. The Utilities issued through a private placement the following series of Notes:



Amount	Series	Maturity
Hawaiian Electric Notes
$40 million¹	4.45% Senior Notes, Series 2013A	December 1, 2022
$50 million¹	4.84% Senior Notes, Series 2013B	October 1, 2027
$50 million²	5.65% Senior Notes, Series 2013C	October 1, 2043
$140 million	Total
Maui Electric Notes
$20 million¹	4.84% Senior Notes, Series 2013A	October 1, 2027
$20 million²	5.65% Senior Notes, Series 2013B	October 1, 2043
$40 million	Total
Hawaii Electric Light Notes
$14 million¹	3.83% Senior Notes, Series 2013A	July 1, 2020
$12 million¹	4.45% Senior Notes, Series 2013B	December 1, 2022
$30 million¹	4.84% Senior Notes, Series 2013C	October 1, 2027
$56 million	Total

¹Proceeds were used in October 2013 to redeem the following special purpose revenue bonds (SPRBs) and refunding SPRBs issued by the Department of Budget and Finance of the State of Hawaii for the benefit of the Utilities with an aggregate principle amount of $166 million:



Series	Year of maturity
4.75% Refunding Series 2003A Bonds	2020
5.00% Refunding Series 2003B Bonds	2022
5.65% Series 1997A Bonds	2027

²Proceeds were and/or will be used by the respective utility to finance their capital expenditures and/or for the reimbursement of funds used for the payment of capital expenditures.

- Definition

Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.

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