Hawaiian Electric drops on $250 mln stock offering plans
** Hawaiian Electric's HE.N 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) 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)
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