** Shares of electric utility FirstEnergy FE.N down 1.3% at $40.14 before the bell as it plans capital raise
** Akron, Ohio-based firm offering privately $950 mln convertible bonds (CBs) due 2029 and $850 mln convertible bonds due 2031
** It intends to use net proceeds for repurchase of all or portion of $1.5 bln outstanding principal of its 4% CBs due 2026, repay debt and for general purposes
** FirstEnergy has ~$23.5 bln market cap, per LSEG data
** FE shares fell for fifth straight session on Fri, closing down 0.2% at $40.65
** YTD, stock up ~2% vs S&P 500 Utilities index's .SPLRCU 6.5% gain
** 8 of 18 analysts rate FE "strong buy" or "buy", rest rate "hold" with $45 median PT, latest LSEG data reflects
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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