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PNM amends $400M revolving credit facility

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PNM amends $400M revolving credit facility

Public Service Co. of New Mexico amended a $400 million unsecured revolving credit facility to permit an extension of the maturity date by two years to Oct. 31, 2024.

This can be done through the exercise of two one-year extension options, subject to approval by a majority of lenders, according to an Oct. 11 filing.

Additionally, the amended credit facility changes the letter of credit sublimit to $120 million from $300 million. It also reduces letters of credit commitment from Wells Fargo Bank NA and MUFG Union Bank NA to $30 million.

The PNM Resources Inc. subsidiary also noted that a lender's $40 million commitment will expire on Oct. 31, 2020. Unless another lender assumes the commitment, the facility will reduce to $360 million during its remaining term.