---
schema_version: "secwatch.filing_event.v1"
accession: "0001108426-25-000114"
form_type: "8-K"
ticker: "TXNM"
cik: "0001108426"
company_name: "TXNM ENERGY INC"
filed_at: "2025-11-10T23:59:59+00:00"
generated_at: "2026-05-16T22:14:10.484360+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001108426-25-000114
- form_type: 8-K
- ticker: TXNM
- cik: 0001108426
- company_name: TXNM ENERGY INC
- filed_at: 2025-11-10T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1108426/000110842625000114/0001108426-25-000114-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/81023/000110842625000114/pnm-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001108426-25-000114
- JSON: https://secwatch.observer/filing/0001108426-25-000114.json
- Plain text: https://secwatch.observer/filing/0001108426-25-000114.txt

## Key facts
- Debt Financings
  TXNM ENERGY INC incurred term loan of $120.0 million with U.S. Bank National Association maturing May 10, 2027.
  - Instrument: term loan
  - Principal: $120.0 million
  - Counterparty: U.S. Bank National Association
  - Maturity: May 10, 2027
  - Event: incurrence
  source text: entered into a $120.0 million term loan agreement (the "Term Loan"), among PNM, the lenders party thereto and U.S. Bank National Association, as administrative agent
  evidence_url: https://www.sec.gov/Archives/edgar/data/1108426/000110842625000114/0001108426-25-000114-index.htm

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