FirstEnergy stabilizes after convertible bond sale hiked to $2.15 bln
Shares of electric utility FirstEnergy FE.N down 4 cents to $39.78 premarket after upsized capital raise
Akron, Ohio-based firm announces pricing offerings of $1.15 bln 3.625% convertible bonds (CBs) due 2029 and $1 bln 3.875% CBs due 2031
Initial conversion price for both bonds is $47.78, 20% above stock's last sale
FE shares on Mon fell for sixth straight session, closing down 2% after co unveiled plans for $1.8 bln bond sale
It intends to use net proceeds to repurchase all or portion of $1.5 bln outstanding principal of its 4% CBs due 2026, to repay debt and for general purposes
FirstEnergy has roughly $23 bln market cap, per LSEG data
Through Mon, FE shares flat in 2025 while the S&P 500 Utilities index .SPLRCU up 5.8%
8 of 17 analysts rate FE "strong buy" or "buy", rest rate "hold" with $45 median PT, latest LSEG data reflects
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