PNM Resources Inc. priced an upsized public offering of 5,375,000 common shares for total proceeds of $260.7 million.

The company plans to use net proceeds from the offering, which is expected to close by Jan. 10, for general corporate purposes.

In connection with the offering, PNM Resources entered a forward sale agreement with affiliates of Citigroup Global Markets Inc. and BofA Securities Inc. as forward purchasers for the sale of the shares at an initial forward sale price of $47.21 apiece.

Additionally, the company granted the underwriters a 30-day option to purchase up to an additional 806,250 common shares, according to a Jan. 7 news release.

The company also expects to enter into an additional forward sale agreements for the additional shares.

Settlement of the forward sale agreements is expected to occur within 12 months after the completion of the offering.

Citigroup, BofA Securities, Wells Fargo Securities LLC and Evercore Group LLC are acting as joint book-running managers of the offering, with Citigroup and BofA Securities serving as representatives of underwriters.