Hawaiian Electric gets PUC nod for accounts receivable facility, says Evercore

Evercore ISI analyst Michael Lonegan says the Hawaii Public Utilities Commission, or PUC, has now approved Hawaiian Electric’s Phase 2 application to sell accounts receivables to secure long-term use of its $250M facility. Hawaiian Electric stated that it views the facility “as a temporary financing alternative and not as a permanent long-term source of financing,” notes the analyst, who has an In Line rating and $9 price target on Hawaiian Electric shares.