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Long-term debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
December 3120232022
(dollars in thousands)  
Long-term debt of Utilities, net of unamortized debt issuance costs 1
$1,934,277 $1,684,816 
HEI 3.99% senior notes, paid in 2023
— 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 24,000 
HEI 2.48% senior notes, due 2028
30,000 30,000 
HEI 6.04% senior notes, due 2028
39,000 — 
HEI 2.98% senior notes, due 2030
50,000 50,000 
HEI 3.15% senior notes, due 2031
51,000 51,000 
HEI 2.78% senior notes, due 2031
25,000 25,000 
HEI 2.98% senior notes, due 2032
30,000 30,000 
HEI 5.43% senior notes, due 2032
75,000 75,000 
HEI 6.10% senior notes, due 2033
61,000 — 
HEI 5.43% senior notes, due 2034
35,000 35,000 
HEI 3.74% senior notes, due 2051
20,000 20,000 
HEI 3.94% senior notes, due 2052
20,000 20,000 
Hamakua Energy 4.02% non-recourse notes, due 20302
44,855 49,048 
Mauo SOFR + 1.475% loan, due 20243
5,384 11,060 
Mauo 4.91% non-recourse term loan, due 2034 to 20352
16,962 17,692 
Kaʻieʻie Waho 2.79% non-recourse loan, due 20312
9,727 10,936 
Mahipapa 1.90% non-recourse loan, due 2034 to 20362
53,743 58,869 
Mahipapa 5.625% non-recourse loan, due 20272
578 724 
HEI revolving credit facility SOFR + 1.80%, due 2026 to 20274
175,000 — 
Less unamortized debt issuance costs and debt discount(8,097)(8,165)
$2,842,429 $2,384,980 
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, including various land parcels, a 60MW combined cycle facility, photovoltaic and battery storage infrastructure, and a biomass plant. The aggregate net book value of the collateralized property, plant & equipment is approximately $187 million as of December 31, 2023.
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. As of July 1, 2023, LIBOR was replaced by the term SOFR plus the applicable margin of 1.375%, plus an additional 0.10% replacement rate adjustment. On February 8, 2024, the outstanding loan balance was fully repaid and the loan was terminated.
4     As of December 31, 2023, the interest rate is based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment; the weighted-average interest rate was 7.19%.
Schedule of Changes in Long-Term Debt and Note Purchase Agreements The terms of the notes are as follows:
HEI Series 2023AHEI Series 2023B
Aggregate principal amount
$39 million$61 million
Fixed coupon interest rate
6.04%6.10%
Maturity date6/15/20286/15/2033
The 2023 Notes had a delayed draw feature and the Utilities drew down all the proceeds on February 9, 2023.
Series 2023ASeries 2023BSeries 2023C
Aggregate principal amount$90 million$40 million$20 million
Fixed coupon interest rate
Hawaiian Electric6.11%6.25%6.70%
Hawaii Electric Light6.25%——
Maui Electric6.25%——
Maturity date
Hawaiian Electric2/9/20302/9/20332/9/2053
Hawaii Electric Light2/9/2033——
Maui Electric2/9/2033——
Principal amount by company
Hawaiian Electric $40 million$40 million$20 million
Hawaii Electric Light$25 million——
Maui Electric$25 million——