TXNM Energy notified holders of its 5.75% Junior Subordinated Convertible Notes due 2054 that they are convertible during the Fourth Quarter 2026 Conversion Period, from October 1 to December 31, 2026. The conversion rate is 22.5654 shares per $1,000 principal amount, triggered because the stock price exceeded 130% of the $44.32 conversion price for at least 20 trading days in a 30-day period ending September 30, 2026. Conversions will result in the issuance of newly issued 5.75% non-convertible junior subordinated notes due 2054 and common stock for any excess obligation. The filing also references the pending merger with Blackstone Infrastructure Partners L.P., which would constitute a make-whole fundamental change, allowing holders to convert into cash equal to $61.25 per share multiplied by the conversion rate. TXNM Energy operates in the utility industry, providing electricity and natural gas services.
