PNM enters $195M term loan to refinance existing debt, matures Jan 2028

TXNM ENERGY INC

Public Service Company of New Mexico (PNM) entered a $195M term loan agreement on July 21, 2026.
Loan matures January 21, 2028; proceeds used to refinance PNM's 2025 term loan due July 21, 2026.
Interest rate: SOFR + 0.90% or Base Rate; includes debt-to-capitalization covenant ≤ 0.65:1.
Canadian Imperial Bank of Commerce, New York Branch serves as administrative agent.
Customary events of default, cross-default, and change of control provisions included.

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