PNM Resources seeks go-ahead to refund $403.8 million callable Farmington, N.M., revenue bonds

By Susanna Moon

Chicago, March 1 - PNM Resources, Inc. sought regulatory approval to refund up to $403.8 million of callable pollution control revenue bonds issued by the city of Farmington, N.M., and Maricopa County, Arizona Pollution Control Corp. to replace with new tax-exempt pollution control revenue bonds, according to a 10-K filing with the Securities and Exchange Commission.

The Albuquerque-based energy company said it filed an application with the New Mexico Public Regulation Commission on Feb. 10.

PNM said the current bonds have been used to support some of the cost of pollution control systems, facilities and related improvements at San Juan Generating Station and Palo Verde Nuclear Generating Station.

The company said the new tax-exempt bonds will be collateralized by PNM senior unsecured notes, similar to the current bonds.

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