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Pricing Supplement No. 16 Filing under Rule 424(b)(3)
Dated September 29, 1997 Registration File No. 33-58820
(To Prospectus dated June 11, 1993)
$250,000,000
HAWAIIAN ELECTRIC INDUSTRIES, INC.
MEDIUM-TERM NOTES, SERIES B
Principal amount: $1,000,000 Floating Rate Notes: N/A
Interest Rate (if fixed rate): 6.80% Base Rate: N/A
Stated Maturity Date: October 4, 2004 Commercial Paper Rate
Issue price (as a percentage of Prime Rate
principal amount): 100% LIBOR
Selling Agent's commission (%): N/A Treasury Rate
Purchasing Agent's discount CD Rate
or commission (%): 0.60% Federal Funds Rate
Net proceeds to the Company (%): 99.4% Other:
Settlement date and time (original Index Maturity: N/A
issue date): October 2, 1997 Spread: N/A
Initial Redemption Date (if any): N/A Spread Multiplier: N/A
Initial Redemption Percentage: N/A Maximum Interest Rate: N/A
Annual Redemption Minimum Interest Rate: N/A
Percentage Reduction: N/A Initial Interest Rate: N/A
Optional Repayment Dates: N/A Interest Reset Period: N/A
Currency of Denomination: U.S. Interest Determination Date(s): N/A
Currency of Payment: U.S. Calculation Date(s): N/A
Minimum Authorized Interest Payment Period: N/A
Denominations: $1,000 Regular Record Date(s): N/A
Additional Terms: N/A Calculation Agent: N/A
Redemption prices (if any): The Redemption Price shall initially be
N/A % of the principal amount of such Notes to be redeemed and shall decline
(but not below par) on each anniversary of the Initial Redemption Date by N/A
% of the principal amount to be redeemed until the Redemption Price is 100% of
such principal amount.
Use of Proceeds and Additional Terms:
All or substantially all of the net proceeds to Hawaiian Electric Industries,
Inc. ("HEI") from the sale of its Medium-Term Notes, Series B, covered by this
Pricing Supplement will be used by HEI to retire commercial paper, and/or for
other general corporate purposes. As of September 29, 1997 HEI did not have
any commercial paper outstanding but may issue commercial paper prior to the
issuance of the Series B Notes.
As of the date of this Pricing Supplement, the aggregate initial
public offering price of the Series B Notes which have been sold (including the
Series B Notes to which this Pricing Supplement relates) is $130,000,000.
"N/A" as used herein means "Not applicable". "A/S" as used herein
means "As stated in the Prospectus referred to above".
MERRILL LYNCH & CO.
