By Devika Patel
Knoxville, Tenn., Aug. 24 – PNM Resources, Inc.’s subsidiary, Texas-New Mexico Power Co., issued $60 million of 3.22% 10-year first mortgage bonds, series 2017A, in a private placement on Aug. 24, 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 at Treasuries plus 50 basis points. 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.
PNM Resources is an energy holding company based in Albuquerque. The subsidiary is based in Lewisville, Texas.
| Issuer: | Texas-New Mexico Power Co.
|
| Issue: | Series 2017A first mortgage bonds
|
| Amount: | $60 million
|
| Maturity: | Aug. 24, 2027
|
| Coupon: | 3.22%
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Settlement date: | Aug. 24
|
| Distribution: | Private placement
|
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