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Pricing Supplement No. 21 Filing under Rule 424(b)(3)
Dated February 11, 1998 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: $7,500,000 Floating Rate Notes: N/A
Interest Rate (if fixed rate): 6.31% Base Rate: N/A
Stated Maturity Date: February 19, 2002 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 (%): 0.45% Federal Funds Rate
Net proceeds to the Company (%): 99.55% Other:
Settlement date and time (original Index Maturity: N/A
issue date): February 17, 1998 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 February 11, 1998, HEI's commercial
paper outstanding totaled approximately $153 million. Such commercial paper
bore interest at prevailing market rates and had original maturities varying
between 1 and 160 days.
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 $183,500,000.
"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.
