PNM’s Texas-New Mexico unit amends and restates $75 million revolver

Chicago, March 11 – Texas-New Mexico Power Co., an indirect wholly owned subsidiary of PNM Resources, Inc., amended and restated its revolving credit agreement with KeyBank NA as administrative agent on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has $75 million of availability which can be increased an additional $25 million if one of the current lenders will assume the additional amount or a new lender will sign for the accordion.

Letters of credit of up to $10 million are available.

The maturity date is Sept. 23, 2024.

Borrowings are secured by $75 million of first mortgage bonds of TNMP.

Pricing now moves between SOFR plus 70 basis points to 150 bps, depending on the current investment-grade debt rating.

The commitment fee is between 25 bps and 60 bps.

The interest rate will start with the third tier, SOFR plus 87.5 bps and a commitment fee of 10 bps.

Proceeds may be used for working capital, letters of credit, capital expenditures and other lawful purposes of the borrower.

KeyBanc Capital Markets Inc. is the lead arranger and bookrunner.

PNM Resources is an energy holding company based in Albuquerque.

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