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:
| 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 |
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:
| 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 |
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)
