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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 21, 2023
Exact Name of RegistrantCommissionI.R.S. Employer
as Specified in Its CharterFile NumberIdentification No.
Hawaiian Electric Industries, Inc.1-850399-0208097
Hawaiian Electric Company, Inc.1-495599-0040500
State of Hawaii
(State or other jurisdiction of incorporation)
 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813 - Hawaiian Electric Industries, Inc. (HEI)
1099 Alakea Street, Suite 2200, Honolulu, Hawaii  96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)
(Address of principal executive offices and zip code)
 Registrant’s telephone number, including area code:
 (808) 543-5662 - HEI
(808) 543-7771 - Hawaiian Electric
  Not applicable
(Former name or former address, if changed since last report.)
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Hawaiian Electric Industries, Inc.Common Stock, Without Par ValueHENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
Hawaiian Electric Industries, Inc.
☐
Hawaiian Electric Company, Inc.
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hawaiian Electric Industries, Inc. ☐Hawaiian Electric Company, Inc. ☐


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See HEI Investor Update attached as Exhibit 99 to this Current Report on Form 8-K.

For more information on the HEI and Hawaiian Electric credit agreements, you can find the HEI agreement attached as as Exhibit 10.2 to the Form 10-Q for the quarter ended June 30, 2021 (the "Q2 2021 10-Q"), as amended by the amendment attached as Exhibit 10.1 to the Form 10-Q for the quarter ended June 30, 2023 ("Q2 2023 10-Q"), and you can find the Hawaiian Electric agreement attached as Exhibit 10.3 to the Q2 2021 10-Q, as amended by the amendment attached as Exhibit 10.2 to the Q2 2023 10-Q.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.

See HEI Investor Update attached as Exhibit 99 to this Current Report on Form 8-K.

Item 8.01 Other Events.
See HEI Investor Update attached as Exhibit 99 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
HEI Investor Update
104Cover Page Interactive Data File (embedded within the Inline XBRL document)







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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

HAWAIIAN ELECTRIC INDUSTRIES, INC.HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)(Registrant)
/s/ Paul K. Ito/s/ Tayne S. Y. Sekimura
Paul K. ItoTayne S. Y. Sekimura
Executive Vice President, Senior Vice President,
Chief Financial Officer and TreasurerChief Financial Officer and Treasurer
Date: August 24, 2023Date: August 24, 2023
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Exhibit 99

HEI Investor Update

The recent devastation on Maui is an unimaginable tragedy and is deeply personal for us at HEI and Hawaiian Electric – it impacts our friends, our families, our colleagues and our neighbors. We are doing everything we can to support all of those who have been impacted and help Maui recover. Thanks to the hard work of our crews and many others, we now expect 95% of customers in the affected areas will have had their power restored by the end of this week.

We are working with the county, state and federal governments to determine what happened in the course of an extraordinary climatological event on August 8, 2023. Others may take advantage of this situation to engage in speculation and opportunism, but our focus continues to be on the restoration, recovery and rebuilding efforts in our communities.

HEI’s overarching objective is to remain a strong, financially healthy enterprise to empower a thriving future for Hawai‘i. While the fundamentals of our businesses remain strong, we are taking prudent and measured actions to reinforce our commitment to serving the community for the long term.

Update on Revolving Credit Agreements
Yesterday, HEI drew $170 million and Hawaiian Electric drew $200 million under their existing revolving unsecured credit facilities. HEI and Hawaiian Electric plan to invest the cash proceeds in highly liquid short-term investments. We are proactively strengthening our balance sheets as Hawaiian Electric continues providing reliable service to our customers and supporting the recovery in Maui.

Update on Dividend
In addition, the HEI Board of Directors has determined that, to further increase its cash position, it will suspend the quarterly cash dividend on the company’s common stock, beginning with the third quarter of 2023. We regret that this may impact members of our local communities who rely on this dividend as a source of income. Taking this action will allow us to continue to allocate cash to rebuilding and restoring power and ensure a strong future for the utility. HEI is contractually obligated to pay the cash dividend of $0.36 per share, payable September 8, 2023, that it declared on August 3, 2023, prior to the fires.

Board Update
Separately, HEI and American Savings Bank determined that independent directors Richard Dahl, Michael Kennedy and Yoko Otani, who served on both HEI’s and American Savings Bank’s Boards, will serve exclusively on a five-member Board of American Savings Bank as of August 22, 2023, alongside Scott Seu, President and CEO of HEI, and Ann Teranishi, President and CEO of American Savings Bank. Mr. Dahl will serve as the independent chair of the Board of American Savings Bank. Mr. Dahl, Mr. Kennedy and Ms. Otani each bring deep expertise in the banking industry. This new structure enables these directors to focus solely on the Bank’s business, which has a unique and important role in our Hawai‘i communities.

American Savings Bank is well positioned and stands ready to support our community as families heal and rebuild in the aftermath of the Maui wildfires. American Savings Bank is in a strong financial position with 79% of its deposits FDIC-insured and 7% fully collateralized. American Savings Bank has deep lending capacity, with 273% liquidity coverage for uninsured deposits. American Savings Bank has over $3.1 billion of secured borrowing capacity at the Federal Home Loan Bank and Federal Reserve. American Savings Bank customer deposits are safe – there is no risk to customer deposits as a result of legal claims related to the fires.
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Forward-Looking Statements

This statement may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI, Hawaiian Electric and their subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this statement should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2022 and HEI’s other periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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v3.23.2
Cover
Aug. 21, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 21, 2023
Entity Registrant Name Hawaiian Electric Industries, Inc.
Entity File Number 1-8503
Entity Tax Identification Number 99-0208097
Entity Incorporation, State or Country Code HI
Entity Address, Address Line One 1001 Bishop Street, Suite 2900
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-5662
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Common Stock, Without Par Value
Trading Symbol HE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000354707
Amendment Flag false
Hawaiian Electric Company, Inc.  
Entity Information [Line Items]  
Entity Registrant Name Hawaiian Electric Company, Inc.
Entity File Number 1-4955
Entity Tax Identification Number 99-0040500
Entity Address, Address Line One 1099 Alakea Street, Suite 2200
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-7771
Entity Emerging Growth Company false
Entity Central Index Key 0000046207
Amendment Flag false
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