TXNM Energy's 5.75% convertible notes become convertible; holders to receive non-convertible notes plus stock

TXNM ENERGY INC

Convertible notes (5.75% due 2054) convertible from April 1 to June 30, 2026, at conversion price of ~$44.37/share.
Upon conversion, holders receive equal principal of new 5.75% non-convertible subordinated notes due 2054 plus stock for any excess.
Conversion triggered by stock price exceeding 130% of conversion price for 20 of 30 trading days ending March 31, 2026.
Pending merger with Blackstone at $61.25/share would be a make-whole fundamental change, allowing cash-only conversion.
Company warns new non-convertible notes may trade below par given recent 7% issuance and lower liquidity.

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