Cumulative preferred stock - HECO (Hawaiian Electric Company and Subsidiaries)

12 Months Ended

Dec. 31, 2011

Hawaiian Electric Company and Subsidiaries

Cumulative preferred stock

2.  Cumulative preferred stock

The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption:

December 31, 2011	Voluntary liquidation price	Redemption price
Series
C, D, E, H, J and K (HECO)	$  20	$  21
I (HECO)	20	20
G (HELCO)	100	100
H (MECO)	100	100

HECO is obligated to make dividend, redemption and liquidation payments on the preferred stock of either of its subsidiaries if the respective subsidiary is unable to make such payments, but such obligation is subordinated to any obligation to make payments on HECO’s own preferred stock.