By Wendy Van Sickle
Columbus, Ohio, May 16 – PNM Resources, Inc. indirect wholly owned subsidiary Texas-New Mexico Power Co. issued $65 million 4.13% first mortgage bonds due 2052, series 2022A in a private placement on May 12, according to an 8-K filing with the Securities and Exchange Commission.
The bonds are secured by a first mortgage lien on substantially all of Texas-New Mexico Power’s property.
The bonds have a make-whole call. In the case of a partial prepayment, Texas-New Mexico Power must prepay not less than 10% of the total principal amount of bonds then outstanding.
The issuer also issued $100 million of first mortgage bonds, series 2022B in exchange for the series 2009C bonds, and those bond secure borrowings under the company’s revolving credit agreement, which was increased to $100 million via its accordion feature on May 13, according to the filing.
PNM Resources is an energy holding company based in Albuquerque. The subsidiary is based in Lewisville, Tex.
| Issuer: | Texas-New Mexico Power Co.
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| Amount: | $65 million
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| Issue: | First mortgage bonds, series 2022A
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| Maturity: | May 12, 2052
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| Coupon: | 4.13%
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| Call option: | Make-whole call
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| Settlement date: | May 12
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| Distribution: | Private placement
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