New York, March 16 - Texas-New Mexico Power Co. priced $262 million of 9.5% series 2009A first mortgage bonds due 2019 at 97.643 to yield 9.875%.
Proceeds will be used to repay short-term debt, an action which the company said will strengthen the utility's liquidity profile, enabling it to file to recover these additional finance costs in its pending rate case.
The securities were sold under Rule 144A and Regulation S. The name of the underwriter was not immediately available.
New Mexico Power is a subsidiary of Albuquerque, N.M.-based PNM Resources.
| Issuer: | Texas-New Mexico Power Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $262 million
|
| Maturity: | April 1, 2019
|
| Coupon: | 9.5%
|
| Price: | 97.643
|
| Yield: | 9.875%
|
| Settlement date: | March 23
|
| Distribution: | Rule 144A/Regulation S
|
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