PNM Enters New Credit Agreement
Ticker: PNMXO · Form: 8-K · Filed: Jan 22, 2025 · CIK: 81023
| Field | Detail |
|---|---|
| Company | Public Service Co Of New Mexico (PNMXO) |
| Form Type | 8-K |
| Filed Date | Jan 22, 2025 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $195.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financing, credit-agreement
TL;DR
PNM just signed a new credit deal, locking in financing.
AI Summary
On January 21, 2025, Public Service Company of New Mexico (PNM) entered into a Material Definitive Agreement, specifically a credit agreement. This agreement creates a direct financial obligation for the registrant, indicating a new or modified debt arrangement. The filing also includes financial statements and exhibits related to this transaction.
Why It Matters
This filing indicates a new financial obligation for PNM, which could impact its debt structure and financial flexibility.
Risk Assessment
Risk Level: low — The filing reports on a standard financial agreement and does not indicate any immediate operational or financial distress.
Key Players & Entities
- Public Service Company of New Mexico (company) — Registrant
- PNM (company) — Abbreviation for Public Service Company of New Mexico
- TXNM ENERGY INC (company) — Former company name
- PNM RESOURCES INC (company) — Former company name
- MANZANO CORP (company) — Former company name
- 20250121 (date) — Date of report
FAQ
What type of credit agreement did Public Service Company of New Mexico enter into?
The filing indicates a "credit agreement" was entered into, which constitutes a Material Definitive Agreement and creates a direct financial obligation.
When was this credit agreement effective?
The date as of which the change occurred is January 21, 2025.
What is the accession number for this filing?
The accession number is 0001108426-25-000002.
What are the business and mail addresses for Public Service Company of New Mexico?
The business and mail address for Public Service Company of New Mexico is 414 SILVER AVE. SW, ALBUQUERQUE, NM 87102-3289.
What is the SEC file number for Public Service Company of New Mexico?
The SEC file number for Public Service Company of New Mexico is 001-06986.
Filing Stats: 798 words · 3 min read · ~3 pages · Grade level 11 · Accepted 2025-01-21 19:14:46
Key Financial Figures
- $195.0 million — ry of TXNM Energy, Inc., entered into a $195.0 million term loan agreement (the "Term Loan"),
Filing Documents
- pnm-20250121.htm (8-K) — 33KB
- txnm01212025ex101.htm (EX-10.1) — 884KB
- 0001108426-25-000002.txt ( ) — 1217KB
- pnm-20250121.xsd (EX-101.SCH) — 2KB
- pnm-20250121_def.xml (EX-101.DEF) — 14KB
- pnm-20250121_lab.xml (EX-101.LAB) — 26KB
- pnm-20250121_pre.xml (EX-101.PRE) — 15KB
- pnm-20250121_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. PNM Term Loan On January 21, 2025, Public Service Company of New Mexico ("PNM"), a wholly-owned subsidiary of TXNM Energy, Inc., entered into a $195.0 million term loan agreement (the "Term Loan"), among PNM, the lenders party thereto and Canadian Imperial Bank of Commerce, New York Branch, as administrative agent (the "Administrative Agent"). The Term Loan is effective as of January 21, 2025, and must be repaid on or before July 21, 2026 (the "Maturity Date"). PNM expects to use the proceeds of the Term Loan to refinance a portion of the balances outstanding under its revolving credit facilities and for general corporate purposes. PNM must pay interest on its borrowings under the Term Loan from time to time following funding and must repay all amounts on or before the Maturity Date. The Term Loan includes customary covenants, including a covenant that requires the maintenance of a consolidated debt-to-consolidated capitalization ratio of less than or equal to 0.65 to 1.00 as of the last day of any fiscal quarter. The Term Loan also includes customary events of default, a cross default provision and a change of control provision. If an event of default occurs, the lenders may declare the obligations outstanding under the Term Loan to be due and payable. Such acceleration will occur automatically in the event of an insolvency or bankruptcy default. The above description of the Term Loan is not complete and is qualified in its entirety by reference to the Term Loan, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The Administrative Agent performs normal banking (including as a lender under other facilities) and investment banking and advisory services from time to time for PNM and its affiliates, for which such party receives customary fees and expenses. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangeme
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 10.1 Term Loan Agreement, dated as of January 21, 2025 , among Public Service Company of New Mexico, the lender parties thereto and Canadian Imperial Bank of Commerce, New York Branch , as Administrative Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. TXNM ENERGY, INC. PUBLIC SERVICE COMPANY OF NEW MEXICO (Registrants) Date: January 21, 2025 /s/ Gerald R. Bischoff Gerald R. Bischoff Vice President and Corporate Controller (Officer duly authorized to sign this report)