Simpson Thacher Represents Initial Purchasers in $350 Million Subordinated Notes Offering by TXNM
Simpson Thacher recently represented the initial purchasers, led by MUFG, Citigroup and RBC Capital Markets, in connection with an offering of $350 million in aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 by TXNM Energy, Inc. (“TXNM”). TXNM intends to use the net proceeds from the offering to repay short-term debt and for general corporate purposes.
TXNM is an energy holding company based in Albuquerque, New Mexico. Through its regulated utilities, Public Service Company of New Mexico and Texas-New Mexico Power Company, TXNM delivers energy to more than 800,000 homes and businesses across New Mexico and Texas.
The Simpson Thacher team for the transaction included Mark Brod, Barry Lau and Emily Anne Owen (Capital Markets); Jon Cantor and Jemma Li (Tax); and Jennie Getsin (FINRA and Blue Sky).