** Shares of utility firm Southern Company SO.N down 0.8% premarket to $88.79 as it plans capital raise to pay down debt

** Atlanta, Georgia-based firm co offering privately $1.25 bln convertible bonds (CBs) due 2028

** It plans to use net proceeds to repurchase portion of its 3.875% CBs due 2025 and 4.5% CBs due 2027

** Any remainder to be used to repay all or portion of outstanding commercial paper borrowings, co says

** SO has ~$98.3 bln market cap, based on ~1.1 bln shares outstanding, per LSEG

** Through Mon close, shares up 8.7% YTD, inline with 8.5% gain in S&P 500 Utilities sector .SPLRCU

** Of 20 analysts covering SO, recommendation breakdown is 6 "strong buy" or "buy", 13 "hold" and 1 "sell" rating; median PT is $94.50 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))