Updates to market open

** Peabody Energy's BTU.N shares surge 8.5% to $28.59, a seven-week high, early Thurs as coal miner looks to raise capital to reduce some debt

** St. Louis, Missouri-based firm privately offering $225 mln convertible bonds (CBs) due 2031

** Co intends to use net offering proceeds to repurchase a portion of $320 mln outstanding 3.25% CBs due 2028, any remainder for general corporate purposes

** It also plans to use proceeds to fund cost of capped calls, derivative transactions employed to offset potential dilution

** Co has about $3.5 bln current market cap based on 121.8 mln shares outstanding

** With the move, BTU shares down ~4% YTD

** 5 of 7 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $34, per LSEG data