PNM Resources issues $500M (plus $50M over-allotment) 5.75% convertible notes due 2054

TXNM ENERGY INC

Issued $500M aggregate principal of 5.75% Junior Subordinated Convertible Notes due June 1, 2054; interest payable semi-annually.
Initial purchasers have option to buy up to $50M additional notes within 13 days for over-allotments.
Conversion rate initially 22.4911 shares/$1,000 principal (~$44.46/sh, 17.5% premium over June 4 close).
Notes are unsecured, junior subordinated obligations, ranking behind all senior indebtedness.
Company may defer interest payments for up to 20 consecutive semi-annual periods at its option.

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