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Long-term debt | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Long-term debt |
Note 6 · Long-term debt
December 31 | 2021 |  | 2020
(dollars in thousands) |  |  |
Long-term debt of Utilities, net of unamortized debt issuance costs 1 | $ | 1,676,402 |  |  | $ | 1,561,302 |
HEI 5.67% senior notes, due 2021 | — |  |  | 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 2.82% senior notes, due 2028 | 24,000 |  |  | — |
HEI 2.48% senior notes, due 2028 | 30,000 |  |  | — |
HEI 2.98% senior notes, due 2030 | 50,000 |  |  | 50,000 |
HEI 3.15% senior notes, due 2031 | 51,000 |  |  | — |
HEI 2.78% senior notes, due 2031 | 25,000 |  |  | — |
HEI 3.74% senior notes, due 2051 | 20,000 |  |  | — |
Hamakua Energy 4.02% non-recourse notes, due 2030 2 | 52,166 |  |  | 56,030 |
Mauo LIBOR + 1.375% loan, due 2023 3 | 21,702 |  |  | 41,046 |
Mauo 4.90% non-recourse term loan, due 2034 2 | 12,686 |  |  | — |
Kaʻieʻie Waho 2.79% non-recourse loan, due 2031 2 | 12,145 |  |  | 13,000 |
Less unamortized debt issuance costs | (3,164) |  |  | (2,249) |
| $ | 2,321,937 |  |  | $ | 2,119,129 |
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. 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 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 October 5, 2022. As of December 31, 2021, the aggregate principal payments required on the Company’s long-term debt for 2022 through 2026 are $223 million in 2022, $163 million in 2023, $6 million in 2024, $104 million in 2025 and $131 million in 2026. As of December 31, 2021, the aggregate payments of principal required on the Utilities’ long-term debt for 2022 through 2026 are $52 million in 2022, $100 million in 2023, nil in 2024, $47 million in 2025 and $125 million in 2026. The HEI term loans and senior notes contain customary representation and warranties, affirmative and negative covenants and events of default (the occurrence of which may result in some or all of the notes then outstanding becoming immediately due and payable). The HEI term loans and senior notes also contain provisions requiring the maintenance by HEI of certain financial ratios generally consistent with those in HEI’s existing, amended revolving unsecured credit agreement. Upon a change of control or certain dispositions of assets (as defined in the note purchase agreements of the senior notes), HEI is required to offer to prepay the senior notes. The Utilities’ senior notes contain customary representations and warranties, affirmative and negative covenants, and events of default (the occurrence of which may result in some or all of the notes of each and all of the utilities then outstanding becoming immediately due and payable) and provisions requiring the maintenance by Hawaiian Electric, and each of Hawaii Electric Light and Maui Electric, of certain financial ratios generally consistent with those in Hawaiian Electric’s existing, amended revolving unsecured credit agreement. Changes in long-term debt. HEI. On September 29, 2021, HEI entered into a note purchase agreement (HEI NPA) under which HEI has authorized the issue and sale of $125 million of unsecured senior notes to be drawn in two tranches at a future date. On December 29, 2021, HEI drew $75 million, and as defined in the note purchase agreement, at its option, HEI may draw the remaining $50 million of notes on a delayed basis. The following table displays the draw date for the $75 million draw and the required draw date of the remaining $50 million of HEI notes to be issued.
|  | HEI Series 2021A |  | HEI Series 2021B |  | HEI Series 2021C |  | HEI Series 2022A |  | HEI Series 2022B
Aggregate principal amount |  | $30 million |  | $25 million |  | $20 million |  | $30 million |  | $20 million
Fixed coupon interest rate |  | 2.48% |  | 2.78% |  | 3.74% |  | 2.98% |  | 3.94%
Maturity date |  | 12/29/2028 |  | 12/29/2031 |  | 12/29/2051 |  | 11/15/2032 |  | 11/15/2052
Final draw date |  | 12/29/2021 |  | 12/29/2021 |  | 12/29/2021 |  | 11/15/2022 |  | 11/15/2022
The $75 million in proceeds were primarily used to invest in the Utilities’ equity to support its capital expenditure program and maintain a Utilities’ equity capitalization ratio of approximately 58%. The $50 million to be drawn in 2022 is expected to be used to refinance a portion of $150 million of maturing debt in November 2022. Once drawn, interest on the notes is paid semiannually on June 15th and December 15th. The HEI note purchase agreements contain certain restrictive financial covenants that are substantially the same as the financial covenants contained in HEI’s senior credit facility, as amended. The HEI notes may be prepaid in whole or in part at any time at the prepayment price of the principal amount, together with interest accrued to the date of prepayment plus a “Make-Whole Amount,” as defined in the agreements. Mauo non-recourse term loan. On September 3, 2021, Mauo entered into a $24 million credit agreement under which it has drawn an aggregate of $13 million under a series of notes. The proceeds were used to refinance a portion of a construction loan related to five solar-battery projects. The notes are non-recourse to Pacific Current and HEI, bear interest at LIBOR plus 1.7%, mature in September 2034, require quarterly principal and monthly interest payments and are collateralized by three solar-battery projects. In connection with the non-recourse notes drawn under the credit agreement, Mauo entered into interest rate swaps that effectively convert the rate on the floating rate notes to a fixed rate of 4.90%.

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