WEC Energy dips on planned $700 mln convertible debt deal

Shares of utility co WEC Energy Group WEC.N down 0.7% premarket to $104.96 as it seeks to raise capital

Milwaukee, Wisconsin-based firm offering privately $700 mln 3-yr convertible bonds

It plans to use net proceeds for general purposes, including repayment of short-term debt

With ~319.1 mln shares outstanding, co has $33.7 bln market cap, per LSEG

WEC shares on Weds closed down 1.5% at $105.73

YTD, stock up 12% and outperforming S&P 500 Utilities index's .SPLRCU 6% advance

6 of 18 analysts rate stock "strong buy" or "buy", rest rate "hold" and median PT is $109.25, according to most recent LSEG data