H2O America slips on $325 mln convertible offering

** Shares of water utility H2O America HTO.O down 0.5% at $58.30 premarket on Fri after capital raise secured

** San Jose, California-based HTO late Thurs announced pricing 6.5 mln equity units at $50 for $325 mln raise

** 3-yr mandatory convertible units have 7.75% annual dividend; threshold appreciation price of $68.82 represents 17.5% premium over stock's last close (the reference price)

** HTO stock fell 5.2% to $58.57 on Thurs after co launched the offering for general purposes, including acquisitions, capex or debt repayment

** Wells Fargo and JP Morgan joint bookrunners

** Co, which provides water and wastewater services in California, Connecticut, Maine and Texas, has roughly $2.8 bln market cap

** Through Thurs, stock up ~20% YTD

** 5 of 7 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $65, per LSEG data