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Public Service Co. of New Mexico issues $350M of senior notes

Public Service Co. of New Mexico issued $350 million of senior unsecured notes in a private placement to repay $350 million of its 7.95% notes that matured May 15, according to a Form 8-K filing.

The PNM Resources Inc. utility sold $55 million of 3.15% series A notes due May 15, 2023, $104 million of 3.45% series B notes due May 15, 2025, $88 million of 3.68% series C notes due May 15, 2028, $38 million of 3.93% series E notes due May 15, 2033, $45 million of 4.22% series F notes due May 15, 2038, and $20 million of 4.50% series G notes due May 15, 2048.

Interest on the notes is payable every May 15 and Nov. 15, starting Nov. 15.

The offering is part of the utility's plans to issue a total of $450 million of notes pursuant to a note purchase agreement dated July 28. The utility intends to issue the remaining $100 million of notes by Aug. 1.