Long-term debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt

December 31	2022		2021
(dollars in thousands)
Long-term debt of Utilities, net of unamortized debt issuance costs 1	$	1,684,816	$	1,676,402
HEI 2.99% term loan, paid in 2022	—		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 2.82% senior notes, due 2028	24,000		24,000
HEI 2.48% senior notes, due 2028	30,000		30,000
HEI 2.98% senior notes, due 2030	50,000		50,000
HEI 3.15% senior notes, due 2031	51,000		51,000
HEI 2.78% senior notes, due 2031	25,000		25,000
HEI 2.98% senior notes, due 2032	30,000		—
HEI 5.43% senior notes, due 2032	75,000		—
HEI 5.43% senior notes, due 2034	35,000		—
HEI 3.74% senior notes, due 2051	20,000		20,000
HEI 3.94% senior notes, due 2052	20,000		—
Hamakua Energy 4.02% non-recourse notes, due 20302	49,048		52,166
Mauo LIBOR + 1.375% loan, due 20233	11,060		21,702
Mauo 4.90% non-recourse term loan, due 20342	17,692		12,686
Kaʻieʻie Waho 2.79% non-recourse loan, due 20312	10,936		12,145
Mahipapa 1.90% non-recourse loan, due 2034 to 20362	58,869		—
Mahipapa 5.25% non-recourse loan, due 20272	724		—
Less unamortized debt issuance costs and debt discount	(8,165)		(3,164)
	$	2,384,980	$	2,321,937

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

2 Secured by real and personal property of the respective entity, including various land parcels, a 60MW combined cycle facility, photovoltaic and battery storage infrastructure, and a biomass plant. The aggregate net book value of the collateralized property, plant & equipment is approximately $198 million as of December 31, 2022.

3 In December 2021, the loan was amended to allow advances through October 5, 2022, in the maximum aggregate principal amount of up to $50.5 million and in December 2022, extended the required paydown of the loan balance to the lesser of (i) $7 million or (ii) the amount of state renewable tax credits not received by March 5, 2023.

Schedule of notes

The following table displays HEI private placements drawn in 2022.

	HEI Series 2022A	HEI Series 2022B	HEI Series 2022C	HEI Green Series 2022D
Aggregate principal amount	$30 million	$20 million	$75 million	$35 million
Fixed coupon interest rate	2.98%	3.94%	5.43%	5.43%
Maturity date	10/26/2032	10/26/2052	11/1/2032	11/1/2034

The 2022 Notes had a delayed draw feature and the Utilities drew down all the proceeds on June 15, 2022.

	Series 2022A
Aggregate principal amount	$60 million
Fixed coupon interest rate	3.7%
Maturity date	6/15/2032
Principal amount by company:
Hawaiian Electric	$40 million
Hawaii Electric Light	$10 million
Maui Electric	$10 million

The 2023 Notes had a delayed draw feature and the Utilities drew down all the proceeds on February 9, 2023.

	Series 2023A	Series 2023B	Series 2023C
Aggregate principal amount	$90 million	$40 million	$20 million
Fixed coupon interest rate
Hawaiian Electric	6.11%	6.25%	6.70%
Hawaii Electric Light	6.25%	—	—
Maui Electric	6.25%	—	—
Maturity date
Hawaiian Electric	2/9/2030	2/9/2033	2/9/2053
Hawaii Electric Light	2/9/2033	—	—
Maui Electric	2/9/2033	—	—
Principal amount by company:
Hawaiian Electric	$40 million	$40 million	$20 million
Hawaii Electric Light	$25 million	—	—
Maui Electric	$25 million	—	—