05:12 PM EDT, 06/03/2024 (MT Newswires) -- PNM Resources ( PNM ) unveiled late Monday plans to offer $500 million of junior subordinated convertible notes due 2054 in a private offering to qualified institutional buyers.

The company expects to grant the initial purchasers an option to purchase up to $50 million of additional notes to cover overallotments.

PNM intends to use the net proceeds to repay a portion of its term loans.

Shares fell 1.5% in after-hours activity.

Price: 37.50, Change: -0.58, Percent Change: -1.52