Long-term debt (Tables)

12 Months Ended

Dec. 31, 2020

Long-term Debt, Unclassified [Abstract]

Schedule of long-term debt

December 31	2020		2019
(dollars in thousands)
Long-term debt of Utilities, net of unamortized debt issuance costs 1	$	1,561,302	$	1,497,667
HEI 5.67% senior notes, due 2021	50,000		50,000
HEI 2.99% term loan, due 2022	150,000		150,000
HEI 3.99% senior notes, due 2023	50,000		50,000
HEI 4.58% senior notes, due 2025	50,000		50,000
HEI 4.72% senior notes, due 2028	100,000		100,000
HEI 2.98% senior notes, due 2030	50,000		—
Hamakua Energy 4.02% notes, due 2030, secured by real and personal property of Hamakua Energy, LLC	56,030		59,699
Mauo LIBOR + 1.375% loan, due 20232	41,046		9,349
Ka`ie`ie Waho Company, LLC 2.79% non-recourse loan, due 2031	13,000		—
Less unamortized debt issuance costs	(2,249)		(2,350)
	$	2,119,129	$	1,964,365

1     See components of “Total long-term debt” and unamortized debt issuance costs in Hawaiian Electric and subsidiaries’ Consolidated Statements of Capitalization.

2 In December 2020, the loan was amended to extend the final maturity date to March 31, 2023; however, the loan continues to incorporate a paydown of the loan balance to no greater than $7 million or state renewable tax credits not received by January 5, 2022.

Schedule of note purchases and private placements

The following table displays the actual draw date or the required by draw date of the HEI notes.

	HEI Series 2020A	HEI Series 2020B (1)	HEI Series 2020B (2)	HEI Series 2020C
Aggregate principal amount	$50 million	$46 million	$5 million	$24 million
Fixed coupon interest rate	2.98%	3.15%	3.15%	2.82%
Maturity date	12/15/2030	1/28/2031	1/28/2031	4/17/2028
Draw date	12/29/2020	1/28/2021	4/16/2021	4/16/2021

On May 14, 2020, the Utilities issued, through a private placement pursuant to separate note purchase agreements (NPAs), the following unsecured senior notes bearing taxable interest (May Notes):

	Series 2020A	Series 2020B	Series 2020C
Aggregate principal amount	$80 million	$60 million	$20 million
Fixed coupon interest rate
Hawaiian Electric	3.31%	3.31%	3.96%
Hawaii Electric Light	3.96%
Maui Electric	3.31%	3.96%
Maturity date
Hawaiian Electric	5/1/2030	5/1/2030	5/1/2050
Hawaii Electric Light	5/1/2050
Maui Electric	5/1/2030	5/1/2050
Principal amount by company:
Hawaiian Electric	$50 million (Green Bond)	$40 million	$20 million
Hawaii Electric Light	$10 million	—	—
Maui Electric	$20 million	$20 million	—

On October 29, 2020, the Utilities executed, through a private placement pursuant to separate NPAs, unsecured senior notes bearing taxable interest (October Notes) as shown in the table below. The October Notes had a delayed draw feature and the Utilities drew down all the proceeds on January 14, 2021.

	Series 2020B	Series 2020C	Series 2020D	Series 2020E
Aggregate principal amount	$15 million	$40 million	$30 million	$30 million
Fixed coupon interest rate
Hawaiian Electric			3.28%	3.51%
Hawaii Electric Light	3.28%	3.51%
Maui Electric		3.51%
Maturity date
Hawaiian Electric			12/30/2040	12/30/2050
Hawaii Electric Light	12/30/2040	12/30/2050
Maui Electric		12/30/2050
Principal amount by company:
Hawaiian Electric	—	—	$30 million	$30 million
Hawaii Electric Light	$15 million	$15 million	—	—
Maui Electric	—	$25 million	—	—