Hawaiian Electric Suspends Dividend, Draws Down Credit Lines
- Company drew $370 million on two revolving credit facilities
- Firm will suspend 36-cent dividend following September payout
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Hawaiian Electric Industries Inc. drew down on revolving credit lines and said it would suspend its quarterly dividend as it seeks to shore up cash following the deadly wildfires in Maui.
The company said in a regulatory filing that it would suspend the 36-cent per share cash dividend in the third quarter. Next month, it’s contractually obligated to pay a dividend it declared Aug. 3, before the wildfires.