TXNM Energy dips on $400 mln stock offering tied to Blackstone deal
BUZZ-TXNM Energy dips on $400 mln stock offering tied to Blackstone deal ** Regulated electric utility TXNM Energy's TXNM.N shares down 0.5% at $57.35 before the bell on Tues after $400 mln follow-on priced
** Albuquerque, New Mexico-based firm late Mon announced ~7.1 mln shares at $56.50, a 1.9% discount to last sale
** Co intends to use net offering proceeds to repay $400 mln term loan agreement related to pending merger with Blackstone's BX.N infrastructure unit
** Wells Fargo, which made the term loan to TXNM, is sole bookrunner for offering
** In July, 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 transaction
** At Mon close, TXNM stock 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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