TXNM Energy dips after launching $400 mln stock offering for loan tied to Blackstone deal
TXNM•Shares fall after planned equity raise
Regulated electric utility TXNM Energy's shares were down 0.9% at $57.11 in extended trading after news of the planned equity raise.
Offering to repay loan linked to Blackstone merger
The Albuquerque, New Mexico-based company kicked off a $400 million stock offering and intends to use the net proceeds to repay a $400 million term loan agreement relating to its pending merger with Blackstone's infrastructure unit.
Last month, TXNM and Blackstone Infrastructure extended the merger agreement to May 31, 2027 after the New Mexico Public Regulation Commission voided a $400 million PIPE (private investment in public equity) tied to the deal.
In May 2025, the companies originally announced an $11.5 billion 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 Monday, down 2% year to date.
