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PNM Resources extends early deadline under tender offer for $150 million 9¼% notes
By Angela McDaniels
Tacoma, Wash., Jan. 20 - PNM Resources, Inc. said it extended the early participation date in the tender offer for its 9¼% series A senior notes due 2015 to coincide with the offer expiration, which is 9 a.m. ET on Feb. 3.
When the offer began on Jan. 5, the early participation date was scheduled for Jan. 16.
The company is offering to purchase up to $150 million of the $350 million of notes outstanding.
Pricing will be set using a modified Dutch auction, and holders can specify a price from $830 to $930 per $1,000 principal amount in increments of $2.50. Those who do not give a price will receive the clearing price.
Bids will be accepted from lowest to highest price until PNM reaches $150 million. All holders whose notes are purchased will receive the price necessary to reach that $150 million, according to a previous news release.
All holders who tender will receive the full payment. Before the early participation date was extended, those who tendered after Jan. 16 were slated to receive $30 less for each $1,000 principal amount.
PNM will also pay accrued interest up to but excluding the payment date.
The offer is contingent on various conditions, including the closing of the sale of PNM's utility gas operations. The $620 million transaction is scheduled to close on Jan. 30.
Citi (800 558-3745), Merrill Lynch, Pierce, Fenner & Smith Inc. (888 654-8637) and Wedbush Morgan Securities Inc. (213 688-8091) are the dealer managers. Global Bondholder Services Corp. (866 873-7700, banks and brokers call 212 430-3774) is the depositary and information agent.
PNM Resources is an energy holding company based in Albuquerque.
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