PNM enters $120M term loan to refinance maturing 2024 term loan

TXNM ENERGY INC

$120M term loan effective Nov 10, 2025, matures May 10, 2027.
Proceeds to refinance portion of outstanding 2024 term loan due Nov 10, 2025.
Loan includes covenant: consolidated debt-to-capitalization ratio ≤ 0.65:1.00.
Lenders include U.S. Bank and KeyBank National Association as joint lead arrangers.

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