BUZZ-Xcel Energy shares fall after the company issues $2.2 billions in convertible bonds

November 3 - ** Shares of electric and natural gas utility Xcel Energy (XEL.O) fell 1.1% to $78.43 in early trading on Tuesday, after the company successfully raised funds to refinance short-term debt

** Minneapolis, Minnesota-based XEL announced on Monday evening that it has priced (link) a $2.2 billion private placement of convertible notes with a 2.625% coupon, due December 15, 2027

** The conversion price was set at $87.26, representing a 10% premium over the previous session’s closing price of $79.33

** On Monday, XEL shares fell 0.6% after the company launched a $2 billion private placement (link) to repay short-term borrowings, including some commercial paper

** According to London Stock Exchange Group (LSEG), the company last week reported (link) a third-quarter result that beat expectations; during the earnings call, the company announced a $70 billion five-year investment plan to meet growing demand and strengthen its transmission and distribution system, noting data centers as a major driver of new energy demand

** The stock is up 6% so far this year, outperforming the S&P 500 Utilities Index’s approximately 1.6% gain .SPLRCU

** The average rating from 21 analysts is “Buy”; the median target price is $92 — LSEG

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