TXNM Energy proposes junior subordinated notes offering; evaluating up to $100M pension risk transfer

TXNM ENERGY INC

Commenced marketing for private offering of fixed-to-fixed reset rate junior subordinated notes (Rule 144A/Reg S).
Evaluating pension risk transfer of up to $100M of Plan obligations via group annuity contract using existing assets.
Expects non-cash charge of ~$65M pre-tax ($50M after-tax) if pension transfer completes; no additional cash contributions.
Both transactions are preliminary, subject to conditions; no assurance of completion or final terms.

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