CenterPoint Energy slips after boosted $600 mln convertible bonds sale

Electric and gas utility CenterPoint Energy's CNP.N shares down 0.9% at $42.50 early Tues after above-target raise

Houston, Texas-based CNP late Mon announced pricing pr ivate offering of $600 mln 2.875% convertible bonds due May 2029

Offering size increased from $550 mln; initial conversion price of $53.61 is 25% premium to stock's last close of $42.89

It intends to use net offering proceeds for general purposes, including repayment of commercial paper and other debt

Including move on the session, CNP shares up ~11% YTD and comfortably above ~8.5% advance in S&P 500 Utilities index .SPLRCU

Early last Thurs, co posted a rise in Q4 profit and raised its 10-year capital plan as electricity demand climbs

9 of 17 analysts rate stock "strong buy" or "buy"; 8 "hold"; median PT $44, per latest LSEG data