04:07 AM EDT, 06/05/2024 (MT Newswires) -- PNM Resources ( PNM ) said late Tuesday it priced a private offering to eligible purchasers of $500 million of 5.75% junior subordinated convertible notes due 2054.

The initial purchasers have been granted a 13-day option to purchase up to $50 million additional amount of notes to cover over-allotments.

The notes will be convertible at an initial price of $44.46 per share. Net proceeds will be used for debt repayments, the company said.

Closing of the offering is expected to occur on June 10, subject to customary conditions.