Hawaiian Electric Industries Inc. on Oct. 5 filed a registration statement for the potential sale of up to $134 million of common stock over three years.
The filing covers the issuance of 4 million common shares under the company's dividend reinvestment and stock purchase plan. Of the total, 2,391,523 shares are unsold securities that were previously registered in October 2014. The remaining 1,608,477 shares are being registered for the first time under this filing.
The plan allows participants to reinvest all or a portion of cash dividends on Hawaiian Electric Industries' common stock or preferred stock of its subsidiaries, Hawaiian Electric Co. Inc., Maui Electric Co. Ltd. and Hawaii Electric Light Co. Inc.
Proceeds received by the company may be used to redeem, repurchase, repay or retire outstanding short-term and long-term debts; to make investments in and loans to its subsidiaries; to finance strategic investments in, or future acquisitions of, other entities or their assets; and for working capital and other general corporate purposes.