TXNM Energy announces Q1 2026 conversion period for 5.75% convertible notes at $44.40/share

TXNM ENERGY INC

Conversion period Jan 1–Mar 31, 2026; trigger: stock price above 130% of $44.40 conversion price for 20 of 30 days.
Holders converting receive new 5.75% non-convertible junior sub notes due 2054 for principal plus common stock for excess.
No cash paid for principal; new notes less liquid and may trade below $1,000 par; no outstanding at filing.
Merger with Blackstone affiliates at $61.25/share would create make-whole conversion right to receive cash per $1,000 notes.
Company makes no recommendation to holders on whether to convert; conversion agent is Computershare Trust.

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