Hawaiian Electric Industries Inc. said today it plans to offer 4.25 million shares of common stock to help pay off debt and make loans to its electric utility subsidiary.

Hawaiian Electric Industries Inc. said today it sold $115 million worth of stock to help pay off debt and make loans to its electric utility subsidiary.

HEI's shares closed down 17 cents at $25.87 today. The shares fell an additional $2.16, or 8.35 percent in after-hours trading.

"HEI intends to use the net proceeds from the sale to repay its outstanding short-term indebtedness consisting of borrowings under its line of credit facility and commercial paper borrowings and to make loans to its subsidiary, Hawaiian Electric Company Inc.," the company said in a news release.

The loans to HECO would be used to repay a portion of the utility's outstanding commercial paper borrowings that were partly used to finance HECO's capital spending programs.