TXNM Energy issues $350M of 7% junior subordinated convertible notes due 2056

TXNM ENERGY INC

$350M aggregate principal at 7.000% fixed through Jul 31, 2031, then 5Y Treasury + 3.254% floor 7.000%.
Notes mature Jul 31, 2056; interest payable semi-annually Jan 31/Jul 31 starting Jul 31, 2026.
Company may defer interest for up to 20 consecutive semiannual periods without triggering default.
Notes rank junior to all senior debt and equally with existing 5.75% junior subordinated notes due 2054.
Redemption at par before First Reset Date; after reset on interest dates; tax/equity credit changes allow whole redemption at up to 102%.

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