PNM Resources prices $500M of 5.75% convertible notes due 2054, proceeds to repay term loans

TXNM ENERGY INC

Raised $500M (plus $50M over-allotment) of 5.75% junior subordinated convertible notes maturing June 1, 2054.
Initial conversion rate: 22.4911 shares per $1,000 principal; conversion price ~$44.46 (17.5% premium over June 4 close).
PNM may defer interest for up to 20 consecutive semi-annual periods if no default.
Net proceeds to repay a portion of outstanding term loans; offering expected to close June 10, 2024.
Notes unsecured, junior to senior debt; callable after June 6, 2029 if stock at 130% of conversion price.

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