secwatch.observer — SEC 8-K summary
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Issuer:     TXNM ENERGY INC (TXNM)
CIK:        0001108426
Form:       8-K
Filed at:   2026-09-30T20:45:08+00:00
Accession:  0001108426-26-000061
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 8.01
LLM model:  deepseek-v4.1-flash:cloud@v2

TXNM 5.75% convertible notes become convertible Oct 1-Dec 31, 2026 at ~$44.32/share
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- Holders of the 5.75% Junior Subordinated Convertible Notes due 2054 may convert in Q4 2026 at 22.5654 shares per $1,000 principal, equal to roughly $44.32 per share.
- Convertibility triggered because TXNM common stock traded at or above 130% of the $44.32 conversion price on at least 20 of the 30 trading days ended Sept 30, 2026.
- Converting holders get an equal principal amount of new 5.75% non-convertible junior subordinated notes due June 1, 2054, plus common stock for any excess conversion value; no cash for principal.
- TXNM cautions the non-convertible notes may trade below $1,000 principal and be illiquid, noting its 7.000% junior subordinated notes due 2056 issued Dec 10, 2025.
- Blackstone merger at $61.25/share cash would be a make-whole fundamental change; holders could convert for cash for 35 trading days after closing, pending New Mexico PRC approval.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1108426/000110842626000061/0001108426-26-000061-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1108426/000110842626000061/pnm-20260930.htm
  HTML page:      https://secwatch.observer/filing/0001108426-26-000061

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