PNM Resources to retire three-year term loan, some revolver debt

By Susanna Moon

Chicago, March 7 – PNM Resources, Inc. plans to repay its three-year term loan due June 8, 2018 and debt under its revolver due Oct. 31, 2022 using proceeds from new senior notes due 2021, according to a 424B5 filing with the Securities and Exchange Commission.

As of Dec. 31, the company had $150 million of term loans at a weighted average interest rate of 2.34%, which is effectively fixed at 1.927% after accounting for PNM’s hedging arrangements, and $165.6 million of debt under the revolver at a weighted average interest rate of 2.76%.

Any remaining proceeds will be used for general corporate purposes.

PNM Resources is an energy holding company based in Albuquerque.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.