Texas-New Mexico Power (TNMP) Closes on First Mortgage Bond Financing

ALBUQUERQUE, N.M., April 27, 2020 – — PNM Resources (NYSE: PNM) announces the closing of a private offering for an aggregate $185 million of First Mortgage Bonds at its wholly-owned subsidiary Texas New-Mexico Power (TNMP). $110 million of First Mortgage Bonds were issued April 24, 2020 and the remaining $75 million will be issued on or before July 15, 2020. The securities have various maturity dates at a weighted-average tenor of 19 years and a weighted-average rate of 3.01%.

The issuance was planned to support TNMP’s continued capital investment plans for system upgrades and maintenance across its service territory and reduce short-term debt levels that were previously funding these investments. The financing is consistent with TNMP’s authorized regulatory capital structure of 55 percent debt.

MUFG Securities Americas Inc. was the sole lead placement agent and bookrunner for the offering.  U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC acted as co-agents for the offering.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 789,000 homes and businesses in New Mexico and Texas. For more information, visit the company’s website at www.PNMResources.com.

CONTACTS:


Analysts

Media


Lisa Goodman

Ray Sandoval


(505) 241-2160

(505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. (“PNMR”), Public Service Company of New Mexico (“PNM”) and Texas-New Mexico Power Company (“TNMP”) (collectively, the “Company”) that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K, Form 10-Q filings and the information included in the Company’s Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

SOURCE PNM Resources, Inc.

Related Links

http://www.pnmresources.com

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