Loan & DebtJul 21, 2026, 04:27 PM
TXNM Energy Subsidiary Secures $195M Term Loan
AI Summary
TXNM Energy, Inc.'s wholly-owned subsidiary, Public Service Company of New Mexico (PNM), entered into a new $195.0 million term loan agreement on July 21, 2026. The loan, with Canadian Imperial Bank of Commerce as Administrative Agent, is set to mature on January 21, 2028. PNM intends to use the proceeds to refinance its existing 2025 term loan, which matures on the same date. The agreement includes customary covenants, such as maintaining a consolidated debt-to-consolidated capitalization ratio of 0.65 to 1.00 or less.
Key Highlights
- Public Service Company of New Mexico (PNM) secured a $195.0 million term loan.
- PNM is a wholly-owned subsidiary of TXNM Energy, Inc.
- The term loan is effective July 21, 2026, and matures on January 21, 2028.
- Proceeds will refinance the balance outstanding under PNM's 2025 term loan.
- The loan includes a covenant for a consolidated debt-to-capitalization ratio of less than or equal to 0.65 to 1.00.
- Canadian Imperial Bank of Commerce, New York Branch, serves as the Administrative Agent.
Price Impact
More from TXNM