New Issue-PNM Resources sells $350 mln 7-yr notes

May 9 (Reuters) - Utility company PNM Resources Inc
(PNM.N: Quote, Profile, Research) on Friday sold $350 million of seven-year senior notes,
said market sources.

Lehman Brothers, Banc of America Securities, Merrill
Lynch, Morgan Stanley, Wachovia Securities were the joint
bookrunning managers for the sale.
BORROWER: PNM RESOURCES INC
AMT $350 MLN* COUPON 9.25 PCT MATURITY 5/15/2015
TYPE SR NTS ISS PRICE 100 FIRST PAY 11/15/2008
MOODY'S Ba2 YIELD 9.25 PCT SETTLEMENT 5/16/2008
S&P BB-MINUS SPREAD 588 BPS PAY FREQ SEMI-ANNUAL
FITCH BB-PLUS MORE THAN TREAS NON-CALLABLE
*$247.25 MLN REMARKETING AND $102.75 MLN NEW NOTES