Regulated electric utility TXNM Energy's TXNM.N shares were down 0.5% at $57.35 before the bell on Tuesday after a $400 million follow-on offering was priced.
Albuquerque, New Mexico-based TXNM late Monday announced about 7.1 million shares at $56.50, a 1.9% discount to the last sale.
The company said it intends to use the net offering proceeds to repay a $400 million term loan agreement related to its pending merger with Blackstone's BX.N infrastructure unit.
Wells Fargo, which made the term loan to TXNM, is sole bookrunner for the offering.
In July, 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 transaction.
At Monday's close, TXNM stock was down 2% year to date.
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