PNM Resources Announces Remarketing and Offering of Senior Notes and Public Service Company of New Mexico Offering of Senior Unsecured Note
ALBUQUERQUE, N.M.--(Business Wire)--
PNM Resources (NYSE:PNM) today announced the commencement of the
remarketing of its 4.80% Senior Notes, Series A, initially due 2010,
and a simultaneous offering of additional Senior Notes, Series A
(together, the "PNMR notes"). PNM Resources expects that $350.0
million aggregate principal amount of PNMR notes will be offered to
investors in the remarketing and simultaneous offering of additional
notes. The PNMR notes will mature in 2015.
Banc of America Securities LLC, Lehman Brothers, Merrill Lynch &
Co., Morgan Stanley and Wachovia Securities are serving as joint
book-running managers in the offering of additional notes by PNM
Resources. Banc of America Securities LLC, Citi, Deutsche Bank
Securities, JPMorgan, Lehman Brothers, Merrill Lynch & Co., Morgan
Stanley, RBC Capital Markets, Wachovia Securities and Wedbush Morgan
Securities Inc. are acting as remarketing agents in the remarketing.
PNM Resources' New Mexico utility, PNM, also commenced its
offering today of senior unsecured notes due 2018 with an aggregate
principal amount of $350.0 million. Lehman Brothers, Merrill Lynch &
Co., Citi, Deutsche Bank Securities, Morgan Stanley, RBC Capital
Markets and Wachovia Securities are acting joint book-running managers
in the offering by Public Service Company of New Mexico.
Proceeds from the remarketing and both offerings will be used for
general corporate purposes, including repayment of short-term debt.
The PNM Resources remarketing and offering may only be made by
means of a prospectus and a related prospectus supplement, copies of
which may be obtained by contacting the following parties:
-0-
*T
Lehman Brothers
c/o Broadridge Prospectus Fulfillment
1155 Long Island Avenue
Edgewood, New York, 11717
Banc of America Securities LLC
Attention: Prospectus Department
100 West 33rd Street, 3rd Floor
New York, New York 10001
*T
The PNM offering may only be made by means of a prospectus and a
related prospectus supplement, copies of which may be obtained by
contacting the following parties:
-0-
*T
Lehman Brothers
c/o Broadridge Prospectus Fulfillment
1155 Long Island Avenue
Edgewood, New York, 11717
Merrill Lynch & Co.
Attention: Prospectus Department
4 World Financial Center
New York, New York, 10080
*T
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
notes in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Background:
PNM Resources (NYSE:PNM) is an energy holding company based in
Albuquerque, N.M., with 2007 consolidated operating revenues from
continuing and discontinued operations of $2.4 billion. Through its
utility and energy subsidiaries, PNM Resources serves electricity to
approximately 835,000 homes and businesses in New Mexico and Texas and
natural gas to nearly 492,000 customers in New Mexico. Its utility
subsidiaries are PNM and Texas-New Mexico Power. Another subsidiary is
First Choice Power, a deregulated competitive retail electric provider
in Texas. With generation resources of more than 2,650 megawatts, PNM
Resources and its subsidiaries market power throughout the Southwest,
Texas and the West. In addition, the company has a 50-percent
ownership of EnergyCo, which owns approximately 920 megawatts of
generation. For more information, visit www.PNMResources.com.
PNM Resources
Gina Jacobi, 505-241-2211 (Analysts)
Frederick Bermudez, 505-241-4831 (Analysts & Media)
Copyright Business Wire 2008
