Utility Exelon drops after announcing $900 mln convertible debt offering

Shares of electric utility Exelon EXC.O down 1.3% premarket to $46.50 as it seeks capital

Chicago, Illinois-based EXC announces private offering of $900 mln convertible bonds due 2029

Co plans to use net offering proceeds to repay or refinance debt, or for general corp purposes

EXC has roughly $48 bln market cap

Last month, EXC beat analysts' Q3 earnings estimates on higher electricity rates and lower storm recovery costs

EXC shares on Fri rose 1.2%, extending YTD gain to ~25% and outpacing 19% gain in the S&P 500 Utilities index .SPLRCU

Of 20 analysts covering EXC, recommendation breakdown is 8 "strong buy" or "buy", 10 "hold" and 2 "sell" ratings; their median PT is $50, per LSEG data