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Texas-New Mexico Power sells $60M of 1st mortgage bonds

Texas-New Mexico Power Co. issued $60 million of its 3.85% first mortgage bonds, series 2018 A, due 2028 to institutional accredited investors, according to a July 2 filing.

Interest on the bonds is payable semiannually on June 28 and Dec. 28 of each year, beginning Dec. 28. The PNM Resources Inc. subsidiary plans to use proceeds to repay existing debt and for other general corporate purposes.