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Credit agreements, long-term debt and changes in long-term debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Credit agreements, long-term debt and changes in long-term debt | Credit agreements, long-term debt and changes in long-term debt Credit agreements. The following table provides the credit agreement capacity, outstanding and undrawn component as of September 30, 2025 and December 31, 2024.
| As of September 30, 2025 |  | As of December 31, 2024
(in millions) | Capacity |  | Outstanding |  | Undrawn |  | Capacity |  | Outstanding |  | Undrawn
HEI corporate: |  |  |  |  |  |  |  |  |  |  |
Unsecured revolving line of credit | $ | 300 |  |  | $ | 31 |  |  | $ | 269 |  |  | $ | 175 |  |  | $ | 173 |  |  | $ | 2 |
Hawaiian Electric: |  |  |  |  |  |  |  |  |  |  |
Unsecured revolving line of credit | 300 |  |  | — |  |  | 300 |  |  | 200 |  |  | 166 |  |  | 34 |
ABL Facility 1 | 244 |  |  | — |  |  | 244 |  |  | 239 |  |  | — |  |  | 239 |
Borrowing from HEI - standing commitment letter 2 | 75 |  |  | — |  |  | 75 |  |  | 75 |  |  | — |  |  | 75 |
Short-term loan credit facility | — |  |  | — |  |  | — |  |  | 50 |  |  | 50 |  |  | — |
Total Hawaiian Electric | 619 |  |  | — |  |  | 619 |  |  | 564 |  |  | 216 |  |  | 348 |
Total Consolidated HEI 2 | $ | 844 |  |  | $ | 31 |  |  | $ | 813 |  |  | $ | 664 |  |  | $ | 389 |  |  | $ | 275 |
1 Borrowing capacity is calculated based on eligible customer accounts receivable balance at the end of each period. 2 $75 million borrowing from HEI - standing commitment letter is eliminated in total consolidated HEI amounts. Unsecured revolving line of credit. On September 5, 2025, HEI and Hawaiian Electric each entered into a fourth amended and restated senior unsecured revolving credit facility (the HEI Revolving Facility and the Hawaiian Electric Revolving Facility, respectively) with a syndicate of eight financial institutions. The aggregate amount of revolving commitments under the HEI Revolving Facility was increased to $300 million from $175 million and includes a $25 million letter of credit sub-facility and a $30 million swingline sub-facility. The HEI Revolving Facility’s commitment termination date was extended to September 5, 2030 from May 14, 2027. The aggregate amount of revolving commitments available under the Hawaiian Electric Revolving Facility was increased to $300 million from $200 million and includes a $40 million letter of credit sub-facility and a $30 million swingline sub-facility. The Hawaiian Electric Revolving Facility’s term was extended to September 4, 2026, subject to an automatic extension to the earlier of (i) such date specified in a final order or approval of the PUC and (ii) if such order or approval is obtained, September 5, 2030. The Hawaiian Electric Revolving Facility also allows for commitment increases of up to an additional $75 million, subject to customary conditions. None of the facilities are collateralized. Intercompany borrowing agreement. Under the HEI and Hawaiian Electric Intercompany Borrowing and Investment Policy effective January 1, 2020 (the Intercompany Borrowing Policy), HEI has committed to make revolving short-term loans to Hawaiian Electric pursuant to the terms set forth in the standing commitment letter dated December 6, 2024 (the 2024 Commitment Letter). For loans that mature on or before December 5, 2025, the 2024 Commitment Letter provides a borrowing limit of $75 million outstanding at any time and the applicable interest rate. Hawaiian Electric currently has no borrowings under the 2024 Commitment Letter. Asset-based lending facility credit agreement. On May 17, 2024, Hawaiian Electric, through a special-purpose subsidiary, entered into an ABL Facility credit agreement (ABL Credit Facility Agreement) with several banks, which, subject to the limitations and conditions set forth in such agreement, including approval by the PUC, allows borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral. Hawaiian Electric filed an application with the PUC for approval to (i) sell accounts receivable, and (ii) establish a long-term credit facility. The first approval would allow the ABL Credit Facility Agreement to become effective for 364 days and the second approval would extend the term of the ABL Credit Facility Agreement from 364 days to three years. The ABL Credit Facility Agreement has an initial term of 364 days, with an automatic extension to three years upon receipt of the second PUC approval, with three separate options to extend one additional year, subject to the consent of the lenders. Hawaiian Electric received the first and second approvals from the PUC for the ABL Credit Facility Agreement that allows short-term and long-term borrowings of up to $250 million on June 27, 2024 and October 11, 2024, respectively, subject to the availability of a sufficient borrowing base of eligible receivables. The ABL Facility became effective on July 24, 2024. As of September 30, 2025, total available capacity under the ABL Facility was $244 million, and remains undrawn. Hawaiian Electric short term loan credit facility. On December 30, 2024, Hawaiian Electric entered into a term loan credit agreement for a $50 million commitment with a stated maturity date of December 29, 2025. Hawaiian Electric drew $50 million on December 30, 2024 at an interest rate of 7.50%. The term loan facility contains certain restrictive financial covenants that are substantially the same as the financial covenants contained in the Hawaiian Electric credit facilities. On September 30, 2025, Hawaiian Electric repaid the $50 million commitment and terminated the agreement. Long-term debt. As of September 30, 2025, the Company and Hawaiian Electric were in compliance with all applicable financial covenants. The following table summarizes the long-term debt, net for the Company and Hawaiian Electric as of September 30, 2025 and December 31, 2024.
(in thousands) | September 30, 2025 | December 31, 2024
All Other: |  |
HEI 2.48%-6.10% senior notes due 2025-2052 | $ | 226,286 |  | $ | 610,000 |
Pacific Current subsidiaries nonrecourse debt 1 | — |  | 122,025 |
HEI Revolving Facility SOFR + 2.50%, due 2030 2 | 30,500 |  | 173,000 |
Less unamortized debt issuance costs and debt discount 1 | (628) |  | (6,681) |
Less current portion long-term debt, net of unamortized debt issuance cost and debt discount 1 | (18,544) |  | (62,171) |
All Other long term debt, net | 237,614 |  | 836,173 |
Hawaiian Electric: |  |
Special purpose revenue bonds and unsecured senior notes | 2,195,000 |  | 1,742,000 |
Hawaiian Electric Revolving Facility SOFR + 2.25%, due 2026 3 | — |  | 166,000 |
Less unamortized debt issuance costs | (12,467) |  | (6,786) |
Less current portion long-term debt, net of unamortized debt issuance cost | (124,928) |  | (47,000) |
Hawaiian Electric long term debt, net | 2,057,605 |  | 1,854,214 |
HEI Consolidated long term debt, net | $ | 2,295,219 |  | $ | 2,690,387 |
1 As of September 30, 2025, Pacific Current subsidiaries debt, current portion of long-term debt, unamortized debt issuance cost and debt discount are included in current liabilities held for sale. See “Assets held for sale-Mahipapa” in Note 3. 2 As of December 31, 2024, the HEI revolving credit facility rate was SOFR + 1.80%, due 2026 to 2027. See “Unsecured revolving line of credit” paragraph above. 3 As of December 31, 2024, the Hawaiian Electric revolving credit facility rate was SOFR + 1.80%, due 2026 to 2027. See “Unsecured revolving line of credit” paragraph above. Changes in long-term debt. HEI senior notes. On April 9, 2025, pursuant to a March 5, 2025 offer tendered to, and accepted by, each holder of its outstanding senior notes issued pursuant to a series of six separate note purchase agreements, HEI repaid a ratable portion of each note using the net cash proceeds from the recent sale of ASB amounting to $384 million, together with interest accrued amounting to $5 million. Hawaiian Electric notes. On September 18, 2025, pursuant to the July 24, 2025 PUC approval, Hawaiian Electric issued $500 million in unsecured senior notes with an interest rate of 6.00% (2025 Notes). The 2025 Notes will mature on October 1, 2033 and are not callable for three years. On or after October 1, 2028, Hawaiian Electric may, at its option, redeem the 2025 Notes, in whole or in part, upon notice requirements outlined in the 2025 Notes, at redemption prices (expressed as percentages of principal amount of the notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to but not including the redemption date. The 2025 Notes contain certain restrictive financial covenants that are substantially the same as the financial covenants of the Utilities’ other unsecured senior notes.
Year | Percentage
2028 | 103.00 | %
2029 | 101.50 | %
2030 and thereafter | 100.00 | %

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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