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Long-term debt - HECO

12 Months Ended

Dec. 31, 2011

8 · Long-term debt

December 31	2011			2010
(dollars in thousands)

6.50% Junior Subordinated Deferrable Interest Debentures, Series 2004, due 2034 (see Note 5)	$	51,546		$	51,546

Obligations to the State of Hawaii for the repayment of special purpose revenue bonds issued on behalf of electric utility subsidiaries
4.75-4.95%, due 2012-2025	118,500			118,500
5.00-5.50%, due 2014-2032	203,400			203,400
5.65-5.75%, due 2018-2027	216,000			216,000
6.15-6.20%, due 2020-2029	55,000			55,000
4.60-4.65%, due 2026-2037	265,000			265,000
6.50%, due 2039	150,000			150,000
	1,007,900			1,007,900
Less unamortized discount	(1,376		)	(1,504		)
	1,006,524			1,006,396

HEI medium-term notes 4.23-6.141%, paid in 2011	–			150,000
HEI medium-term note 7.13%, due 2012	7,000			7,000
HEI medium-term note 5.25%, due 2013	50,000			50,000
HEI medium-term note 6.51%, due 2014	100,000			100,000
HEI senior note 4.41%, due 2016	75,000			–
HEI senior note 5.67%, due 2021	50,000			–
	$	1,340,070		$	1,364,942

As of December 31, 2011, the aggregate principal payments required on long-term debt for 2012 through 2016 are $65 million in 2012, $50 million in 2013, $111 million in 2014, nil in 2015 and $75 million in 2016.

Hawaiian Electric Company and Subsidiaries

Long-term debt

4. Long-term debt

On July 30, 2009 the Department also issued, at par, Series 2009 SPRBs in the aggregate principal amount of $150 million, with a maturity of July 1, 2039 and a fixed coupon interest rate of 6.50%, and loaned the proceeds to HECO ($90 million) and HELCO ($60 million). HECO and HELCO drew the full amount of the proceeds from the issuance of the SPRBs in 2009 as reimbursement for previously incurred capital expenditures, and used the proceeds principally to repay short-term borrowings. Payment of the principal and interest on the SPRBs are not insured.

At December 31, 2011, the aggregate payments of principal required on long-term debt are $58 million in 2012, nil in 2013, $11 million in 2014 and nil in 2015 and 2016.