PNM Resources (PNM) unveiled late Monday plans to offer $500 million of junior subordinated convertible notes due 2054 in a private offering to qualified institutional buyers.
The company expects to grant the initial purchasers an option to purchase up to $50 million of additional notes to cover overallotments.
PNM intends to use the net proceeds to repay a portion of its term loans.
Shares fell 1.5% in after-hours activity.
Price: 37.50, Change: -0.58, Percent Change: -1.52
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