Utility Exelon extends fall after $900 mln convertible offering

RefinitivLess than 1 min read

** Shares of electric utility Exelon EXC down 0.6% early Tues to $45.43 after capital raise secured

** Chicago, Illinois-based EXC late Mon announced pricing private offering of $900 mln 3.25% convertible bonds due Mar 15, 2029

** Initial conversion price set at $57.11, 25% above stock’s last close of $45.69

** EXC shares on Mon fell 3% after co announced the offering to repay or refinance debt, or for general corp purposes

** Based on annual cash dividend of $1.60, EXC shares currently yield around 3.5%

** With the move on the session, shares up ~21% YTD vs ~16% advance for the S&P 500 Utilities index S5UTIL

** Avg rating among 20 analysts is “hold”; median PT of $50 up from $48 on Oct 2, per LSEG data

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