CMS Energy dips after boosted $850 mln convertible bonds sale

Shares of electric and gas utility CMS Energy CMS.N down 0.5% at $72.14 before the bell after above-target capital raise to refinance debt

Jackson, Michigan-based CMS early Tues announced pricing private offering of $850 mln 3.125% convertible bonds due 2031

Initial conversion price set at $90.61, 25% above stock's last close of $72.49

CMS shares on Mon fell 1.4% after co unveiled $750 mln offering to retire its $250 mln outstanding 3.6% notes, which will mature on Nov 15, 2025, remainder for general corp purposes

Through Mon, stock up about 9% YTD vs 17.5% advance in S&P 500 Utilities index .SPLRCU

Avg rating among 17 analysts covering CMS is "buy", their median PT is $79.50, per LSEG