Why NextEra Energy Shares Are Trading Lower

NextEra Energy Partners LP NEP shares are trading lower by 6.17% to $74.23 Thursday morning after the company announced pricing of $500 million in aggregate principal amount of 2.50% convertible senior notes due 2026.

What Happened?

NextEra Energy Partners says the company estimates the net proceeds from the notes offering prior to offering expenses will be approximately $488.80 million.

See Also: Why Cutera Stock Is Falling Sharply Thursday

NextEra Energy Partners intends to use the net proceeds from this offering to fund a portion of its previously announced acquisition of a 1,080-megawatt net interest in a renewable portfolio, to repay a portion of the borrowings under the corporate revolving credit facility, to pay the initial cost of certain capped call transactions and for general partnership purposes.

According to data from Benzinga Pro, NEP has a 52-week high of $87.72 and a 52-week low of $61.31.