TXNM Energy notes become convertible in Q4 2026 after stock price trigger
TXNM•TXNM Energy said its 5.75% junior subordinated convertible notes due 2054 will be convertible from Oct. 1 to Dec. 31, 2026, after a stock-price trigger was met.
1. Conversion terms
The notes can be converted at a rate of 22 shares per $1,000 principal, equivalent to about $44.32 per share. Conversions will be settled with $1,000 principal in new 5.75% non-convertible junior subordinated notes due 2054; any value above principal will be paid in common shares, with cash for fractional shares, based on a 60-trading-day observation period. The trigger was met after the stock traded at least 130% of the conversion price on 20 of the 30 trading days ended Sept. 30, 2026.
