---
schema_version: "secwatch.filing_event.v1"
accession: "0001108426-23-000041"
form_type: "8-K"
ticker: "TXNM"
cik: "0001108426"
company_name: "TXNM ENERGY INC"
filed_at: "2023-07-03T23:59:59+00:00"
generated_at: "2026-06-13T13:05:50.321445+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# PNM Resources enters $500M term loan to refinance existing debt; merger assignment clause included

## Summary
- $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.

## SEC filing metadata
- accession: 0001108426-23-000041
- form_type: 8-K
- ticker: TXNM
- cik: 0001108426
- company_name: TXNM ENERGY INC
- filed_at: 2023-07-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1108426/000110842623000041/0001108426-23-000041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1108426/000110842623000041/pnm-20230703.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001108426-23-000041
- JSON: https://secwatch.observer/filing/0001108426-23-000041.json
- Plain text: https://secwatch.observer/filing/0001108426-23-000041.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1108426/000110842623000041/0001108426-23-000041-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1108426/000110842623000041/0001108426-23-000041-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.