TXNM ENERGY INC (TXNM): debt financing — PNM Resources enters $500M term loan to refinance existing debt; merger assignment clause included

TXNM ENERGY INC

$500M term loan, matures June 30, 2026; proceeds used to prepay existing $500M term loan without penalty.
Interest rate at Pricing Level II (SOFR + 1.35% or Base Rate + 0.35%), adjustable based on debt ratings.
Covenant: consolidated debt-to-capitalization ratio ≤ 0.70; customary events of default and cross-default.
Upon consummation of pending Avangrid merger, PNMR assigns all loan rights and obligations to Avangrid.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TXNM ENERGY INC incurred term loan of $500 million with Wells Fargo Bank, National Association as Administrative Agent and lenders maturing June 30, 2026.

Instrument: term loan
Principal: $500 million
Counterparty: Wells Fargo Bank, National Association as Administrative Agent and lenders
Maturity: June 30, 2026
Event: incurrence

Exact text from the filing

On June 30, 2023, PNM Resources, Inc., a New Mexico corporation (“PNMR”), entered into a $500 million term loan agreement (the “PNMR 2023 Term Loan”) among PNMR, the lenders party thereto and Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TXNM ENERGY INC entered into PNMR 2023 Term Loan with the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent valued at $500 million (effective 2023-06-30).

Action: entry
Agreement: credit facility
Counterparty: the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent
Value: $500 million
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, PNM Resources, Inc., a New Mexico corporation (“PNMR”), entered into a $500 million term loan agreement (the “PNMR 2023 Term Loan”) among PNMR, the lenders party thereto and Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent.

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TXNM ENERGY INC filing history →

Source: SEC EDGAR

accession 0001108426-23-000041

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