PNM Enters Material Definitive Agreement, Creates Financial Obligation

TL;DR

PNM just signed a big deal and took on new debt. Watch this.

AI Summary

On November 10, 2025, Public Service Company of New Mexico (PNM) entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. Specific details regarding the agreement and financial obligations are provided within the filing.

Why It Matters

This filing signals a significant new financial commitment or agreement for PNM, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to performance, financing, and market conditions.

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
• November 10, 2025 (date) — Date of Report and Agreement

FAQ

Key Financial Figures

• $120.0 million — ry of TXNM Energy, Inc., entered into a $120.0 million term loan agreement (the "Term Loan"),

Filing Documents

• pnm-20251110.htm (8-K) — 32KB
• txnm11102025ex101.htm (EX-10.1) — 769KB
• image_0.jpg (GRAPHIC) — 7KB
• 0001108426-25-000114.txt ( ) — 1091KB
• pnm-20251110.xsd (EX-101.SCH) — 2KB
• pnm-20251110_def.xml (EX-101.DEF) — 14KB
• pnm-20251110_lab.xml (EX-101.LAB) — 26KB
• pnm-20251110_pre.xml (EX-101.PRE) — 15KB
• pnm-20251110_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. PNM Term Loan On November 10, 2025, Public Service Company of New Mexico ("PNM"), a wholly-owned subsidiary of TXNM Energy, Inc., entered into a $120.0 million term loan agreement (the "Term Loan"), among PNM, the lenders party thereto and U.S. Bank National Association, as administrative agent (the "Administrative Agent"). The Term Loan is effective as of November 10, 2025, and must be repaid on or before May 10, 2027 (the "Maturity Date"). PNM expects to use the proceeds of the Term Loan to refinance a portion of the balances outstanding under its 2024 Term Loan that matures on November 10, 2025. 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 Arrangement of a Registrant. The informat

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 10.1 Term Loan Agreement, dated as of November 10 , 2025, among Public Service Company of New Mexico, the lender parties thereto and U.S. Bank National Association, 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: November 10, 2025 /s/ Gerald R. Bischoff Gerald R. Bischoff Vice President and Corporate Controller (Officer duly authorized to sign this report)

View Full Filing

View this 8-K filing on SEC EDGAR