TXNM ENERGY (TXNM) Company Report

The Public Utility Commission of Texas (PUCT) has approved a unanimous settlement for TXNM Energy (NYSE: TXNM) to be acquired by Blackstone Infrastructure.
Key terms of the settlement include $45 million in rate credits to customers and a commitment to fund the company's 5-year capital expenditure plans.
TXNM Energy shareholders overwhelmingly approved the merger in August 2025, and federal regulatory approvals from the FCC and the Hart-Scott-Rodino Antitrust Improvements Act waiting period have been received.
Remaining approvals are required from the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission, and the New Mexico Public Regulation Commission (NMPRC).

13 hours ago

Press Release

TXNM Energy Reaches Unanimous Settlement for Blackstone Infrastructure Acquisition Approval

TXNM

M&A

Legal Proceedings

Takeover Bid

TXNM Energy and Blackstone Infrastructure have reached a unanimous settlement with parties regarding Blackstone Infrastructure's acquisition of TXNM Energy's outstanding common stock.
The settlement, which is subject to approval by the Public Utility Commission of Texas (PUCT), includes a $45.5 million rate credit for customers distributed over 48 months following the transaction's closing.
Key terms also stipulate no acquisition-related debt, restrictions on dividend payments, and the maintenance of TNMP's Texas headquarters with no involuntary workforce reductions for at least three years post-closing.
Additionally, TNMP will continue its five-year capital spending plan through 2029 and will not seek recovery of transaction-related goodwill or acquisition costs in customer rates.

Dec 15, 2025, 9:42 PM

Press Release

TXNM Energy, Inc. Issues $350 Million in Junior Subordinated Notes

TXNM

Debt Issuance

TXNM Energy, Inc. issued $350,000,000 aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Convertible Notes due 2056 on December 10, 2025.
The Notes bear an initial annual interest rate of 7.000% until July 31, 2031, after which the rate will reset to the Five-Year Treasury Rate plus 3.254%, with a 7.000% floor.
Interest is payable semi-annually starting July 31, 2026, and the company has the option to defer interest payments for up to 20 consecutive semi-annual periods.
These unsecured obligations rank junior and subordinate to the company's existing and future senior indebtedness and will mature on July 31, 2056.

Dec 10, 2025, 9:16 PM

8-K

TXNM Energy Board Increases Annual Dividend

TXNM

Dividends

M&A

TXNM Energy's Board of Directors has increased the company's annual dividend payment by $0.06, a 3.7 percent increase, bringing the indicated annual rate to $1.69 per share of common stock.
A quarterly stock dividend of $0.4225 per share has been declared, with a payment date of February 13, 2026, for shareholders of record on January 30, 2026.
This dividend increase aligns with the company's continued dividend growth and is factored into the proposed acquisition of TXNM Energy by Blackstone Infrastructure, with quarterly dividends continuing during the transaction's pendency.

Dec 2, 2025, 9:19 PM

Press Release

TXNM Energy Subsidiary Announces $70 Million First Mortgage Bond Issuance

TXNM

Debt Issuance

New Projects/Investments

Texas-New Mexico Power Company (TNMP), an indirect wholly-owned subsidiary of TXNM Energy, Inc., agreed on November 18, 2025, to issue $70,000,000 aggregate principal amount of its 4.69% First Mortgage Bonds, Series 2025H, due December 18, 2031.
The bonds will be issued on or before December 18, 2025, in a private placement to institutional accredited investors.
Proceeds from the bonds are designated for the repayment of short-term debt and other general corporate purposes, including projected capital expenditures.
These bonds will be secured by a first mortgage lien on substantially all of TNMP's property.

Nov 18, 2025, 9:21 PM

8-K

TXNM Energy's Subsidiary TNMP Files Base Rate Review

TXNM

Revenue Acceleration/Inflection

New Projects/Investments

TNMP, a wholly-owned subsidiary of TXNM Energy, filed its base rate review on Friday, November 17, 2025.
The filing requests recovery of $2.8 billion of rate base as of June 30, 2025, a requested return on equity of 10.4%, and a 47.54% equity ratio. Current rates are based on a $835 million rate base, a 9.65% allowed return on equity, and a 45% equity ratio.
The request also includes $20.5 million in rate rider recovery associated with Hurricane Beryl restoration costs, which would be recovered over a five-year period.
If approved by the Public Utility Commission of Texas, new rates are expected to become effective in mid-2026. The total revenue requirement increase is $141.8 million, leading to a net rate increase of $33.8 million.

Nov 17, 2025, 11:30 AM

Press Release

Texas-New Mexico Power Company Amends First Mortgage Indenture

TXNM

Debt Issuance

On November 6, 2025, Texas-New Mexico Power Company (TNMP), an indirect wholly-owned subsidiary of TXNM Energy, Inc., entered into the Twenty-Fifth Supplemental Indenture with U.S. Bank Trust Company, National Association.
This supplemental indenture amends the First Mortgage Indenture dated March 23, 2009, and several prior supplemental indentures.
Key amendments include removing the requirement for TNMP to be a Securities and Exchange Commission registrant under Section 12.04 of the Original Indenture.
The indenture also revises the change in control definition under Section 1.01 of certain supplemental indentures.
A new covenant was added to the Fifth Supplemental Indenture, obligating TNMP to provide annual and quarterly consolidated financial statements to holders of bonds issued under that indenture.

Nov 6, 2025, 10:27 PM

8-K

TXNM Energy Reports Q3 2025 Results and Provides Transaction Update

TXNM

Earnings

M&A

Guidance Update

TXNM Energy reported Q3 2025 GAAP earnings of $1.22 per diluted share and ongoing earnings of $1.33 per diluted share.
Shareholders approved the acquisition by Blackstone Infrastructure affiliates for $61.25 per share on August 28, 2025, with the transaction expected to close in the second half of 2026 pending regulatory approvals.
The company is not affirming previously issued earnings guidance for 2025 and does not plan to issue revised guidance during the pending transaction.
Regulatory updates include TNMP's approved Transmission Cost of Service (TCOS) filing for $87 million of rate base and PNM's application to construct 30 megawatts of energy storage for an estimated $78 million.

Oct 31, 2025, 10:30 AM

Press Release

TXNM Energy files regulatory applications for Blackstone Infrastructure acquisition

TXNM

M&A

New Projects/Investments

Legal Proceedings

TXNM Energy has filed regulatory applications with the New Mexico Public Regulation Commission (NMPRC), Public Utility Commission of Texas (PUCT), and Federal Energy Regulatory Commission (FERC) for approval of its proposed acquisition by Blackstone Infrastructure.
The NMPRC filing includes $105 million in rate credits over four years, $10 million for the PNM Good Neighbor Fund, $35 million in economic development funding, and $25 million for innovative technologies for PNM customers and communities.
The PUCT filing includes $35 million in rate credits over four years, $10 million in economic development funding, and $5 million in additional community support for TNMP customers and communities.
The PUCT and FERC have a 180-day statutory timeframe for considering the applications, while the NMPRC review is anticipated to take up to a year.