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TXNM Energy has entered into a significant Stock Purchase Agreement with Zimmer Partners LP and other purchasers on June 24, 2025. The deal involves:
- Sale of 3,615,003 shares of common stock at $55.325 per share, totaling approximately $200 million
- Agreement ties to previously announced merger with Blackstone Infrastructure Partners affiliate (May 18, 2025)
- Purchasers committed to vote shares in favor of the merger and follow board recommendations
- Lock-up period extends from June 24 to August 15, 2025
The transaction includes customary registration rights, with TXNM required to register shares for resale after Q2 2025 quarterly report filing. Shares will be issued under Securities Act Section 4(a)(2) exemption and listed on NYSE prior to closing. Proceeds will be used for general corporate purposes.
TXNM Energy (NYSE:TXNM) filed a Form 8-K to report the completion of Texas-New Mexico Power Company’s previously announced offer to prepay up to $1.505 billion of outstanding First Mortgage Bonds.
The offer expired at 9:00 a.m. (New York time) on 14 June 2025. According to the tender agent’s final count, holders validly tendered $1.0843 billion in aggregate principal amount, all of which were accepted for purchase. Participating bond-holders will receive 100 percent of face value plus accrued and unpaid interest up to, but excluding, the settlement date. The filing reiterates that the current report does not constitute an offer to sell or a solicitation to buy the Bonds in any jurisdiction.
The transaction materially reduces secured debt outstanding at TXNM’s regulated utility subsidiary, potentially lowering future interest expense and strengthening the balance sheet, although it also requires a significant near-term cash outlay. No other financial metrics, risk factors or legal proceedings were disclosed in the filing.