TXNM Energy dips after launching $400 mln stock offering for loan tied to Blackstone deal
BUZZ-TXNM Energy dips after launching $400 mln stock offering for loan tied to Blackstone deal ** Regulated electric utility TXNM Energy's TXNM.N shares down 0.9% at $57.11 in extended trading after planned equity raise news
** Albuquerque, New Mexico-based co kicks off $400 mln stock offering
** Intends to use net proceeds to repay $400 mln term loan agreement relating to pending merger with Blackstone's BX.N infrastructure unit
** Last month, TXNM and Blackstone Infrastructure extended merger agreement to May 31, 2027 after the New Mexico Public Regulation Commission voided a $400 mln PIPE (private investment in public equity) tied to the deal
** In May 2025, the cos originally announced an $11.5 bln take-private deal
** Wells Fargo, which made the term loan to TXNM, is sole bookrunner for the stock offering
** TXNM stock closed down 3 cents at $57.61 on Mon, down 2% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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TXNM Energy dips on $400 mln stock offering tied to Blackstone deal
Brief: Txnm Energy Announces Pricing Of Public Offering Of Common Stock