Texas-New Mexico Power gets $75 million secured revolving facility

By Sara Rosenberg

New York, May 6 - Texas-New Mexico Power Co. closed on a $75 million secured revolving credit facility due April 29, 2011, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

JPMorgan, Union Bank and KeyBank acted as the lead arrangers and bookrunners on the deal that was completed on April 30, with JPMorgan the administrative agent.

Pricing on the revolver can range from Libor plus 250 basis points to 450 bps based on ratings.

Security is mortgage bonds.

Proceeds were used to replace the company's previous 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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