Southern Co edges down on $1.25 bln convertible bond deal plans

Shares of utility firm Southern Company SO.N down 0.8% premarket to $88.79 as it plans capital raise to pay down debt

Atlanta, Georgia-based firm co offering privately $1.25 bln convertible bonds (CBs) due 2028

It plans to use net proceeds to repurchase portion of its 3.875% CBs due 2025 and 4.5% CBs due 2027

Any remainder to be used to repay all or portion of outstanding commercial paper borrowings, co says

SO has ~$98.3 bln market cap, based on ~1.1 bln shares outstanding, per LSEG

Through Mon close, shares up 8.7% YTD, inline with 8.5% gain in S&P 500 Utilities sector .SPLRCU

Of 20 analysts covering SO, recommendation breakdown is 6 "strong buy" or "buy", 13 "hold" and 1 "sell" rating; median PT is $94.50 - LSEG