TXNM extends merger with Blackstone to May 2027, cuts termination fee to $175M, takes $400M loan

TXNM ENERGY INC

Merger termination date extended to May 31, 2027; TXNM waived $175M of $350M termination fee, reducing it to $175M.
TXNM entered $400M term loan (Wells Fargo) to repay PIPE investment; plans to issue equity to repay loan.
NMPRC voided the 2025 PIPE stock sale; parties waived breaches and agreed to file compliance report by end of July 2026.
Merger already approved by PUCT, FERC, FCC, HSR; pending NRC and NMPRC; estimated close first half 2027.
TXNM shareholders approved merger in August 2025; Blackstone Infrastructure reaffirms commitment.

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