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Credit agreements
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Credit agreements Credit agreements
HEI and Hawaiian Electric each entered into a separate agreement with a syndicate of eight financial institutions (the HEI Facility and Hawaiian Electric Facility, respectively, and together, the Credit Facilities), effective July 3, 2017, to amend and restate their respective previously existing revolving unsecured credit agreements. The $150 million HEI Facility and $200 million Hawaiian Electric Facility both terminate on June 30, 2022. As of June 30, 2019 and December 31, 2018, no amounts were outstanding under the Credit Facilities.
The Credit Facilities will be maintained to support each company’s respective short-term commercial paper program, but may be drawn on to meet each company’s respective working capital needs and general corporate purposes.
Changes in long-term debt. On May 13, 2019, the Utilities issued, through a private placement pursuant to separate Note Purchase Agreements (the Note Purchase Agreements), the following unsecured notes bearing taxable interest (the Unsecured Notes):
 
Series 2019A
Aggregate principal amount
$50 million
Fixed coupon interest rate
4.21%
Maturity date
May 15, 2034
Principal amount by company:
 
Hawaiian Electric
$30 million
Hawaii Electric Light
$10 million
Maui Electric
$10 million
The Unsecured Notes include substantially the same financial covenants and customary conditions as Hawaiian Electric’s credit agreement. Hawaiian Electric is also a party as guarantor under the Note Purchase Agreements entered into by Hawaii Electric Light and Maui Electric. The Unsecured Notes may be prepaid in whole or in part at any time at the prepayment price of the principal amount plus a “Make-Whole Amount,” as defined in the Note Purchase Agreements. Proceeds from the sale
were applied to refinance the Utilities’ 2004 junior subordinated deferrable interest debentures at par value:
 
2004 Junior subordinated deferrable interest debentures redeemed
Aggregate principal amount
$51.5 million
Fixed coupon interest rate
6.50%
Maturity date
May 15, 2034
Principal amount by company:
 
Hawaiian Electric
$31.5 million
Hawaii Electric Light
$10 million
Maui Electric
$10 million
On July 18, 2019, the Department of Budget and Finance of the State of Hawaii (DBF) for the benefit of Hawaiian Electric and Hawaii Electric Light, issued, at par:
 
Refunding Series 2019 Special Purpose Revenue Bonds
Aggregate principal amount
$150 million
Fixed coupon interest rate
3.20%
Maturity date
July 1, 2039
DBF loaned the proceeds to:
 
Hawaiian Electric
$90 million
Hawaii Electric Light
$60 million
On July 26, 2019, proceeds from the sale were applied to redeem at par, bonds previously issued by the DBF for the benefit of Hawaiian Electric and Hawaii Electric Light:
 
Series 2009 Special Purpose Revenue Bonds Redeemed
Aggregate principal amount
$150 million
Fixed coupon interest rate
6.50%
Maturity date
July 1, 2039
Principal amount by company:
 
Hawaiian Electric
$90 million
Hawaii Electric Light
$60 million