Utility Southern Co slips on planned $2.15 bln convertible bond sale

The company intends to use a portion of the net proceeds to repurchase its 4.5% convertible bonds due 2027 and 3.25% convertible bonds due 2028.

Any remainder will be used to repay all or a portion of short-term debt and for other general purposes.

Southern Company, which has about a $109 billion market cap, on Thursday beat Wall Street's profit estimates on robust electricity demand from data centers as well as homes and businesses.

Through Friday's close, the stock was up 8.4% year to date, outpacing the 3.8% rise in the S&P 500 Utilities index .SPLRCU.

Of 25 analysts covering Southern Company, the recommendation breakdown is seven "strong buy" or "buy", 16 "hold" and two "sell" ratings; median price target is $101, according to LSEG.

Shares of utility Southern Company SO.N slipped 2.9% to $91.81 before the bell on Monday as the company seeks to raise money to repay debt.

Atlanta, Georgia-based Southern Company announced private offerings of $650 million convertible bonds due December 2027 and $1.5 billion convertible bonds due September 2029.