FirstEnergy slips after $1.8 bln convertible bond sale plans unveiled

Shares of electric utility FirstEnergy FE.N down 1.3% at $40.14 before the bell as it plans capital raise

Akron, Ohio-based firm offering privately $950 mln convertible bonds (CBs) due 2029 and $850 mln convertible bonds due 2031

It intends to use net proceeds for repurchase of all or portion of $1.5 bln outstanding principal of its 4% CBs due 2026, repay debt and for general purposes

FirstEnergy has ~$23.5 bln market cap, per LSEG data

FE shares fell for fifth straight session on Fri, closing down 0.2% at $40.65

YTD, stock up ~2% vs S&P 500 Utilities index's .SPLRCU 6.5% gain

8 of 18 analysts rate FE "strong buy" or "buy", rest rate "hold" with $45 median PT, latest LSEG data reflects