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TXNM Energy, Inc., through its wholly owned subsidiary Public Service Company of New Mexico (PNM), entered into a $195.0 million term loan agreement with lenders and Canadian Imperial Bank of Commerce, New York Branch, as administrative agent, effective July 21, 2026. The loan must be repaid on or before January 21, 2028, and PNM will use the proceeds to refinance the outstanding balance under its 2025 term loan that matures on July 21, 2026.
PNM must pay interest on borrowings and repay all amounts by the maturity date. The agreement includes customary covenants, including maintaining a consolidated debt-to-consolidated capitalization ratio ≤ 0.65 to 1.00 at each quarter-end, as well as customary events of default, cross-default and change-of-control provisions. Upon certain defaults, obligations may be accelerated, including automatic acceleration in insolvency or bankruptcy. The administrative agent and its affiliates provide normal banking and investment banking services to PNM and its affiliates for customary fees.
TXNM Energy, Inc. reports that the New Mexico Public Regulation Commission issued a Final Order declaring its $400 million PIPE equity financing undertaken for the planned merger to be void and in violation of New Mexico law. The PIPE involved 8 million newly issued shares at $50.00 per share, intended to support operations before the merger closes.
The order requires TXNM, Parent and Purchaser to file a compliance report within 45 days explaining how they will unwind or otherwise effectuate the void status of the PIPE while holding New Mexico ratepayers harmless from all resulting costs and impacts. Each of TXNM, Parent and Purchaser must also pay a $100,000 penalty, for a total of $300,000, and the procedural schedule for the merger application has been stayed pending review of the compliance filing.
TXNM Energy, parent of New Mexico and Texas electric utilities PNM and TNMP, outlines a strategy built on regulated growth, grid upgrades, and cleaner power. The company serves about 842,000 customers and plans substantial investment in transmission, distribution, and renewables, supported by rate mechanisms in New Mexico and Texas.
TXNM has agreed to be acquired by a Blackstone Infrastructure affiliate for $61.25 per share in cash, with shareholder approval already obtained and several key regulatory approvals granted, while others remain pending before closing, which is targeted for the second half of 2026. PNM’s portfolio is shifting toward renewables, storage, and nuclear with limited coal, and management highlights both the growth opportunity from rising data-center and load demand and significant risks from regulation, environmental rules, technology change, cybersecurity, and a projected $10.2 billion construction program for 2026–2030.