PNM Resources Announces Expiration and Final Results of Tender Offer for Portion of 9.25% Senior Notes
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--
PNM Resources (NYSE: PNM) today announced the expiration and final
results of its cash tender offer for a portion of its outstanding 9.25%
Senior Notes, Series A, due 2015. This completes the last step by PNM
Resources in its current plans to recapitalize its business through the
repurchase of debt and equity utilizing proceeds from the Nov. 1 sale of
First Choice Power to Direct Energy. Any remaining proceeds from the
sale will be used for general corporate purposes.
The terms and conditions of the tender offer are set forth in the offer
to purchase dated Oct. 24, 2011, and the accompanying letter of
transmittal. The tender offer expired at the end of the day (midnight,
Eastern time) on Nov. 21, 2011. PNM Resources accepted for purchase
$50.0 million in aggregate principal amount of the notes. Because the
tender offer was oversubscribed, PNM Resources accepted notes tendered
on a pro rata basis as provided in the offer to purchase with a
proration factor of 39.67 percent for all holders who tendered.
Holders of purchased notes tendered before the early tender date of Nov.
4, 2011, will receive $1,170 per $1,000 principal amount of the notes.
Holders of purchased notes tendered after the early tender date will
receive $1,140 per $1,000 principal amount of the notes. Holders of
purchased notes also will be paid any accrued and unpaid interest on the
notes, calculated up to but excluding the date of payment, or settlement
date, which is today.
All notes purchased in the tender offer will be retired. Notes tendered
but not purchased will be returned promptly to the holders at the
expense of PNM Resources and will remain outstanding.
Citigroup Global Markets Inc. was the sole dealer manager for the tender
offer. Global Bondholder Services Corporation was the depositary and
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2010 consolidated operating revenues of $1.7
billion. Through its utility subsidiaries, PNM Resources has
approximately 2,530 megawatts of generation capacity and serves
electricity to more than 730,000 homes and businesses in New Mexico and
Texas. For more information, visit the company's Web site at www.PNMResources.com.
Lisa Eden, 505-241-2691
Source: PNM Resources
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