HONOLULU, April 12, 2019 /PRNewswire/ -- Hawaiian Electric Company, Inc. (the "Company") announced today that HECO Capital Trust III (the "Trust") (NYSE: HE-U) has issued a conditional notice of redemption to the holders of the Trust's outstanding 6.500% Cumulative Quarterly Income Trust Preferred Securities, Series 2004 (Liquidation Preference $25 per Preferred Security) (the "QUIPS"). The notice was delivered on behalf of the Trust by The Bank of New York Mellon Trust Company, N.A., as property trustee for the Trust (the "Property Trustee"), pursuant to the redemption provisions of the Trust's amended and restated trust agreement, and, subject to the condition referred to below, will result in the redemption in whole of the QUIPS on May 15, 2019 (the "Redemption Date"). If so redeemed, the redemption price for each QUIPS will be equal to the liquidation preference thereof, or $25 per QUIPS, plus accumulated and unpaid distributions thereon to the Redemption Date (the "Redemption Price"). The current aggregate liquidation preference of the QUIPS is $50,000,000 (representing 2,000,000 QUIPS outstanding).
The notice of redemption with respect to the QUIPS is conditioned upon the receipt by the Property Trustee of funds sufficient to pay the Redemption Price in full no later than the close of business on the business day before the Redemption Date.
Subject to the aforementioned condition, the QUIPS are being redeemed, along with the common securities issued by the Trust and held by the Company, as a result of the concurrent redemption in whole by the Company and its subsidiaries, Maui Electric Company, Limited and Hawaii Electric Light Company, Inc., of their respective series of junior subordinated deferrable interest debentures, which are held by the Trust and which underly the QUIPS. If so redeemed, the QUIPS should be surrendered to the Property Trustee on the Redemption Date as follows:
By mail: The Bank of New York Mellon P.O. Box 396 East Syracuse, New York 13057
By hand delivery or overnight mail: The Bank of New York Mellon 111 Sanders Creek Parkway East Syracuse, New York 13057
Questions regarding the redemption of the QUIPS should be directed to the Property Trustee by calling its Investor Relations Department at 1-800-254-2826.
About Hawaiian Electric Company, Inc. and its Operating Utility Subsidiaries
Hawaiian Electric Company, Inc. and its operating utility subsidiaries, Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited, are regulated electric public utilities that provide essential electric service to approximately 95% of Hawaii's population through the operation of five separate grids that serve communities on the islands of Oahu, Hawaii, and Maui, Lanai and Molokai. The Company's mission is to provide innovative energy leadership for Hawaii, to meet the needs and expectations of customers and communities, and to empower them with affordable, reliable and clean energy. The goal is to create a modern, flexible and dynamic electric grid that enables an optimal mix of distributed energy resources (such as private rooftop solar and battery storage), demand response, and grid-scale resources to achieve the statutory goal of 100% renewable energy by 2045. For more information, please visit https://www.hawaiianelectric.com.
This news release and other presentations made by the Company's parent company, Hawaiian Electric Industries, Inc. (HEI), the Company and their subsidiaries contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.