secwatch.observer — SEC 8-K summary
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Issuer:     TXNM ENERGY INC (TXNM)
CIK:        0001108426
Form:       8-K
Filed at:   2026-03-31T23:59:59+00:00
Accession:  0001108426-26-000014
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1108426/000110842626000014/0001108426-26-000014-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1108426/000110842626000014/pnm-20260331.htm
  HTML page:      https://secwatch.observer/filing/0001108426-26-000014

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer