PNM Resources unit repays MUFG term loan via paydown from Westmoreland

By Marisa Wong

Morgantown, W.Va., May 23 – PNM Resources, Inc.’s wholly owned subsidiary, NM Capital Utility Corp., used $43.1 million to repay all remaining principal and interest owed under its term loan with MUFG Bank Ltd., according to an 8-K filing with the Securities and Exchange Commission.

NM Capital originally entered into the $125 million term loan with MUFG to fund a $125 million loan to Westmoreland San Juan, LLC, a special purpose entity and subsidiary of Westmoreland Coal Co.

On May 22, Westmoreland San Juan made a prepayment of $50.6 million to NM Capital, which was the entire principal and interest outstanding under the loan.

NM Capital will use remaining proceeds from the paydown for general corporate purposes.

Both loan agreements have been terminated, the filing noted.

PNM Resources is an energy holding company based in Albuquerque.

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