PNM Resources announces $500M offering of junior subordinated convertible notes due 2054

TXNM ENERGY INC

Offering $500M aggregate principal of junior subordinated convertible notes due 2054; underwriters may purchase up to $50M additional for over-allotments.
Notes are unsecured, rank junior to existing and future senior debt; interest payable semiannually, may be deferred for up to 20 consecutive semi-annual periods.
Holders can convert into common stock upon specified events; PNM may redeem after June 6, 2029 if stock price exceeds 130% of conversion price for 20 trading days.
Net proceeds will be used to repay a portion of outstanding term loans.

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