September 10, 2008 / 1:56 PM / 11 years ago

UPDATE 1-Xcel Energy to issue 15 mln shares of common stock

(Recasts; adds details)

Sept 10 (Reuters) - Utility holding company Xcel Energy Inc XEL.N said it agreed to offer 15 million shares of common stock and plans to use the net proceeds to repay debt.

The estimated value of the offering based on Xcel’s closing price on Tuesday is about $313.0 million.

Morgan Stanley and Citigroup are acting as joint bookrunning managers for the offering and the sale is expected to close on Sept. 15, the company said in a statement.

Shares of Xcel Energy were trading down about 3 percent at $20.26 in morning trade on the New York Stock Exchange, while the broader Dow Jones U.S. Electricity Index .DJUSEU was up 0.35 percent at 175.20. (Reporting by Hezron Selvi in Bangalore; Editing by Amitha Rajan)

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