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Pricing Supplement No. 18 Filing under Rule 424(b)(3)
Dated February 4, 1998 Registration File No. 33-58820
(To Prospectus dated June 11, 1993)
$250,000,000
HAWAIIAN ELECTRIC INDUSTRIES, INC.
MEDIUM-TERM NOTES, SERIES B
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Principal amount: $20,000,000 Floating Rate Notes: N/A
Interest Rate (if fixed rate): 6.125% Base Rate: N/A
Stated Maturity Date: February 9, 2001 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 (%): 0.35% Federal Funds Rate
Net proceeds to the Company (%): 99.65% Other:
Settlement date and time (original Index Maturity: N/A
issue date): February 9, 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
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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 4, 1998, HEI's commercial paper outstanding totaled
approximately $190 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 $151,000,000.
"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.
