TXNM Energy notes become convertible in Q4 2026 after stock price trigger
Bitget2026/09/30 20:45- TXNM Energy notified holders that its 5.75% Junior Subordinated Convertible Notes due 2054 become convertible from Oct. 1, 2026 to Dec. 31, 2026.
- Conversion rate set at 22 shares per $1,000 principal, equivalent to a conversion price of about $44.32 per share.
- Conversions will be settled with $1,000 principal in new 5.75% non-convertible junior subordinated notes due 2054, not cash or stock.
- Any value above principal will be paid in common shares, with cash only for fractional shares, based on a 60-trading-day observation period.
- Convertibility was triggered by the stock trading at least 130% of the conversion price for 20 of 30 trading days ended Sept. 30, 2026.
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