Texas-New Mexico Power in talks with banks to get new term loan

By Sara Rosenberg

New York, Oct. 16 - Texas-New Mexico Power Co. is currently in discussions with certain of its relationship banks regarding getting a new term loan to provide additional liquidity, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The company had a term loan, but it was repaid earlier this month.

The previous term loan was paid down by $75 million plus accrued interest on Oct. 9 in connection with an amendment that changed the administrative agent to UBOC from JPMorgan and extended the maturity date to Oct. 17.

The remaining $75 million owed under the previous term loan, along with accrued interest, was repaid on Oct. 15.

Funds for the term loan repayment came from draws on the company's revolving credit facility. As of Oct. 15, there remained $48.5 million of borrowing capacity available under the revolver.

Texas-New Mexico Power is a wholly owned subsidiary of PNM Resources Inc., an Albuquerque, N.M.-based energy and energy-related company.

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