PNM Resources Closes $500 Million Offering of 2054 Convertible Notes
PNM Resources (PNM) said late Monday it closed its $500 million offering of 5.75% junior subordinated convertible notes due 2054.
The company said initial purchasers may buy up to $50 million in additional convertible notes to cover overallotments, if any.
The initial conversion rate will be 22.4911 shares of PNM's common stock per $1,000 principal amount of the convertible notes, equivalent to $44.46 a share.
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