secwatch.observer — SEC 8-K summary
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Issuer:     HAWAIIAN ELECTRIC INDUSTRIES INC (HE)
CIK:        0000354707
Form:       8-K
Filed at:   2023-08-24T23:59:59+00:00
Accession:  0000354707-23-000078
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.03, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

HEI suspends quarterly dividend, draws $370M from credit lines amid Maui wildfire recovery
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- HEI drew $170M and Hawaiian Electric drew $200M under revolving unsecured credit facilities; proceeds in short-term investments.
- HEI Board suspends quarterly cash dividend on common stock beginning Q3 2023; prior $0.36/share dividend payable Sep 8, 2023 unaffected.
- Independent directors Dahl, Kennedy, and Otani move exclusively to American Savings Bank board as of Aug 22, 2023.
- 95% of customers in affected Maui areas expected to have power restored by end of week; company cites extraordinary climatological event on Aug 8, 2023.
- American Savings Bank maintains strong liquidity: $3.1B secured borrowing capacity, 79% deposits FDIC-insured, no risk to customer deposits from fire claims.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/354707/000035470723000078/0000354707-23-000078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/46207/000035470723000078/he-20230821.htm
  HTML page:      https://secwatch.observer/filing/0000354707-23-000078

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