BUZZ-Hawaiian Electric drops on $250 mln stock offering plans

Reuters09-19

** Hawaiian Electric's shares down 3.4% premarket to $11.65 as co looks to raise equity

** Utility co early Thurs files up to $250 mln "at-the-market" $(ATM.UK)$ equity sales program to be handled by Wells Fargo, Barclays and Guggenheim

** Co plans to use net proceeds from any sales to invest in loans to Hawaiian Electric Industries $(HEI)$ subsidiaries, finance strategic investments or potential acquisitions, and fund litigation expenses related to Maui wildfire settlement

** Last month, HE raised going concern doubts after disclosing it didn't have financing plan for the $1.99 bln Maui wildfire settlement

** HE has ~110.3 mln shares outstanding for $1.3 bln market cap

** Through Weds, stock down 15% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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