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Pricing Supplement No. 1 Filing under Rule 424(b)(3)
Dated April 29, 1999 Registration File Nos. 33-58820, 333-18809,
(To Prospectus dated April 27, 1999) 333-18809-01, 333-18809-02, 333-18809-03,
333-18809-04 and 333-73225
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$300,000,000
HAWAIIAN ELECTRIC INDUSTRIES, INC.
Medium-Term Notes, Series C
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Principal amount: $100,000,000 CUSIP#: 41987QAX1
Interest Rate (fixed rate): 6.51% Redemption: The Notes cannot be redeemed by
Stated Maturity Date: May 5, 2014 HEI prior to the Stated Maturity Date
Issue price (as a percentage of Optional Repayment Date: May 5, 2006
principal amount): 100% Optional Repayment Terms: The Notes are subject
Selling Agent's commission (as a percentage to repayment by HEI at the option of the holder
of principal amount): 0.60% at a repayment price equal to 98.1% of the principal
Net proceeds to HEI: 99.40% amount to be repaid, together with unpaid accrued
Settlement date (original interest on the principal amount repaid to the Optional
issue date): May 5, 1999 Repayment Date
Interest Payment Dates: April 10 and October 10 Minimum Authorized
Regular Record Dates: March 26 and September 25 Denominations: $1,000
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Use of Proceeds: All or substantially all of the net proceeds to Hawaiian
Electric Industries, Inc. ("HEI") from the sale of the Notes covered by this
Pricing Supplement will be used by HEI to retire commercial paper as it matures,
to make short-term loans to its subsidiaries or for other general corporate
purposes. Some of the net proceeds will also be invested in short-term
investments pending application thereof to retire commercial paper. As of April
29, 1999, HEI's commercial paper outstanding totaled approximately $128 million.
Such commercial paper bore interest at prevailing market rates and had original
maturities varying between 8 and 185 days.
As of the date of this Pricing Supplement, the aggregate principal amount of
the Series C Notes which have been sold (including the Series C Notes to which
this Pricing Supplement relates) is $100,000,000.
The Notes will be in book-entry-only form and held through the facilities of
the Depository Trust Company.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman, Sachs & Co.
acted as agents for HEI in connection with the offer and sale of the Notes
(allocated $60,000,000 and $40,000,000, respectively).
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[Letterhead of Hawaiian Electric Industries]
April 30, 1999
VIA EDGAR
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Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: Hawaiian Electric Industries, Inc.
Registration Statement on Form S-3
(Regis. No. 333-73225)
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Ladies and Gentlemen:
In accordance with Rule 424(b)(3), we are filing herewith
Pricing Supplement No. 1 dated April 29, 1999. Please call
Brenda Lee at (808) 543-7948 if you have any questions.
Very truly yours,
/s/ ROBERT F. MOUGEOT
Robert F. Mougeot
Financial Vice President &
Chief Financial Officer
Enclosure
cc: Gregory R. Kim, Esq.
Craig Crawford
David P. Falck, Esq.
