I would think if you were going to buy the private bond issue you would sell your stock to generate the funds needed to buy the bonds. With other reasons probably also but the bonds will provide a better and more stable return.
I wish this MN PUC would quit their game playing. First the state requires the utilities to put in these environmental initiatives, promising the companies they will get reimbursement, and then they renig when it comes time to actually include them in rates. Sure the state officials want to look good in the eyes of their constituents and act like they're protecting both the environment and their pocketbooks, but they can't do both. Now they're trying to make the companies look bad, especially if they have to go to court to get a fair shake, which it looks like they will. They have to. Plain and simple, the PUC has to allow rate increases for the cost of service increases and environmental mandates they made. Sure, it's bad timing with the economy, but you can't keep companies from making a fair return on the investment you made them incur.