By Devika Patel
Knoxville, Tenn., March 7 – PNM Resources, Inc. priced $300 million of 3.25% three-year senior notes (Baa3/BBB) on Wednesday at Treasuries plus 87.5 basis points, according to an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.884 to yield 3.291%.
Wells Fargo Securities LLC and MUFG are the bookrunners.
Proceeds will be used to repay the company’s loan due June 8, 2018 and borrowings under its revolving credit facility due Oct. 31, 2022 and for general corporate purposes.
PNM Resources is an energy holding company based in Albuquerque.
| Issuer: | PNM Resources, Inc.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | March 9, 2021
|
| Bookrunners: | Wells Fargo Securities LLC and MUFG
|
| Co-managers: | KeyBanc Capital Markets Inc., RBC Capital Markets Corp. and U.S. Bancorp Investments Inc.
|
| Coupon: | 3.25%
|
| Price: | 99.884
|
| Yield: | 3.291%
|
| Spread: | Treasuries plus 87.5 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps
|
| Trade date: | March 7
|
| Settlement date: | March 9
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Distribution: | SEC registered
|
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