v3.26.1
Credit agreements and long-term debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Credit agreements and long-term debt Credit agreements and long-term debt
Credit agreements. The following table provides the credit agreement capacity, outstanding and undrawn components as of June 30, 2026 and December 31, 2025.
As of June 30, 2026
As of December 31, 2025
(in millions)CapacityOutstandingUndrawnCapacityOutstandingUndrawn
HEI corporate:
Unsecured revolving line of credit$300 $— $300 $300 $20 $280 
Hawaiian Electric:
Unsecured revolving line of credit300 — 300 300 — 300 
ABL Facility1
250 — 250 240 — 240 
Borrowing from HEI - standing commitment letter2
75 — 75 75 — 75 
Total Hawaiian Electric625 — 625 615 — 615 
Total Consolidated HEI2
$850 $— $850 $840 $20 $820 
1     Borrowing capacity is calculated based on eligible customer accounts receivable balance at the end of each period.
2     $75 million borrowing from HEI - standing commitment letter is eliminated in total consolidated HEI amounts.
Syndicated credit agreements. On September 5, 2025, HEI and Hawaiian Electric each entered into a fourth amended and restated senior unsecured revolving credit facility (the HEI Facility and the Hawaiian Electric Facility, respectively) with a syndicate of eight financial institutions. The aggregate amount of revolving commitments under the HEI Facility was increased to $300 million from $175 million and includes a $25 million letter of credit sub-facility and a $30 million swingline sub-facility. The HEI Facility’s commitment termination date was extended to September 5, 2030 from May 14, 2027. The aggregate amount of revolving commitments available under the Hawaiian Electric Facility was increased to $300 million from $200 million and includes a $40 million letter of credit sub-facility and a $30 million swingline sub-facility. On May 8, 2026, the PUC issued an order extending the term of the Hawaiian Electric Facility to September 5, 2030. The Hawaiian Electric Facility also allows for commitment increases of up to an additional $75 million, subject to customary conditions. None of the facilities are collateralized. As of June 30, 2026, HEI and Hawaiian Electric each had no draws on their revolving facilities.
Intercompany borrowing agreement. Under the HEI and Hawaiian Electric Intercompany Borrowing and Investment Policy effective October 3, 2025 (the Intercompany Borrowing Policy), HEI has committed to make revolving short-term loans to Hawaiian Electric pursuant to the terms set forth in the standing commitment letter dated December 5, 2025 (the 2025 Commitment Letter). For loans that mature on or before December 4, 2026, the 2025 Commitment Letter provides a borrowing limit of $75 million outstanding at any time and the applicable interest rate. Hawaiian Electric currently has no borrowings under the Intercompany Borrowing Policy and the 2025 Commitment Letter.
Asset-based lending facility credit agreement. On May 17, 2024, Hawaiian Electric, through a special-purpose subsidiary, entered into an ABL Facility credit agreement (ABL Credit Facility Agreement) with several banks, which, subject to the limitations and conditions set forth in such agreement, allows borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral. The ABL Facility was approved by the PUC, became effective on July 24, 2024 and will expire on July 24, 2027. As of June 30, 2026, total available capacity under the ABL Facility was $250 million and remains undrawn.
Long-term debt. As of June 30, 2026, the Company and Hawaiian Electric were in compliance with all applicable financial covenants. The following table summarizes the long-term debt, net for the Company and Hawaiian Electric as of June 30, 2026 and December 31, 2025.
(in thousands)June 30, 2026
December 31, 2025
All other1:
HEI 2.48%-6.10% senior notes due 2028-2052
$207,738 $207,738 
HEI revolving credit facility SOFR + 2.50%, due 20302
— 20,000 
Less unamortized debt issuance costs(539)(596)
All other long-term debt, net
207,199 227,142 
Hawaiian Electric:
Special purpose revenue bonds and unsecured senior notes2,070,000 2,195,000 
Less unamortized debt issuance costs(11,569)(12,167)
Less current portion long-term debt, net of unamortized debt issuance cost— (124,959)
Hawaiian Electric long-term debt, net
2,058,431 2,057,874 
HEI consolidated long-term debt, net
$2,265,630 $2,285,016 
1     Excludes Mahipapa’s non-recourse loans amounting to $54.6 million and $54.0 million, as of June 30, 2026 and December 31, 2025, respectively, which are classified as “Liabilities held for sale” on the Company’s Condensed Consolidated Balance Sheets. See “Assets held for sale-Mahipapa” in Note 3.
2     As of December 31, 2025, the HEI revolving credit facility’s weighted-average interest rate was 6.32%. See “Syndicated credit agreements” above.