Entergy down after $1.3 bln stock offering launch

Shares of electric utility Entergy ETR.N down 1.5% to $84.16 post-market on equity offering news

New Orleans, Louisiana-based firm commences $1.3 bln stock offering

Co enters into 18-month forward sales agreements with bookrunners Morgan Stanley, BofA, JP Morgan and Mizuho

Upon settlement of such agreements, co to use net proceeds for general purposes, including repayment of commercial paper, outstanding loans under its revolver, or other debt

With ~430.7 mln shares outstanding, co has ~$36.8 bln market cap, per the SEC prospectus filing

ETR shares rose for fifth straight session on Mon, ending up 0.5% at $85.45

YTD, stock up ~13% vs ~4% gain in S&P Utilities sector .SPLRCU and 3.5% drop in S&P 500 .SPX

Last month, co posted Q4 beat, aided by lower production costs and higher demand