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PNM secures $200M in term loans

PNM Resources Inc. on Dec. 21 entered into two term loans totaling $200 million that will expire in 2017 and 2018.

The $100 million term loan expiring in 2017 was secured from multiple lenders, with Wells Fargo Bank NA serving as administrative agent, while the $100 million term loan expiring in 2018 was secured with JP Morgan Chase Bank NA as lender and administrative agent.

A part of the proceeds from the secured loans was used to repay a previous $150 million term loan scheduled to mature Dec. 21. The remaining portion of the proceeds will be used to repay outstanding debt under PNM Resources' $300 million revolving credit agreement dated Oct. 31, 2011, for which Wells Fargo is the administrative agent.