Exelon (EXC) said Monday its plans to offer to qualified institutional buyers in a private placement $900 million aggregate principal amount of unsecured convertible senior notes due in 2029.

The company said it also intends to give initial purchasers a 13-day option to buy up to an additional $100 million aggregate principal amount of the notes.

Exelon said it plans to use the net proceeds to repay or refinance debt or for general corporate purposes.

Shares of the company were down 2.4% in recent Monday premarket activity.