PNM Resources Inc. sold $300 million of 3.250% senior notes due March 9, 2021, to repay its three-year term loan due June 8 and its borrowings under its revolver due Oct. 31, 2022.
Any remaining proceeds will be used for general corporate purposes, according to a March 7 free writing prospectus.
Interest on the notes is payable semiannually on March 9 and Sept. 9, beginning Sept. 9. The notes have a spread to benchmark Treasury of 87.5 basis points and were expected to be rated Baa3 by Moody's and BBB by S&P Global Ratings.
Wells Fargo Securities LLC and MUFG Securities Americas Inc. acted as joint book-running managers. KeyBanc Capital Markets Inc., RBC Capital Markets LLC and U.S. Bancorp Investments Inc. served as co-managers.
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