<SEC-DOCUMENT>0001193125-20-283991.txt : 20201102
<SEC-HEADER>0001193125-20-283991.hdr.sgml : 20201102
<ACCEPTANCE-DATETIME>20201102164449
ACCESSION NUMBER:		0001193125-20-283991
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201102
DATE AS OF CHANGE:		20201102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PNM RESOURCES INC
		CENTRAL INDEX KEY:			0001108426
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				850019030
		STATE OF INCORPORATION:			NM
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-223336
		FILM NUMBER:		201281012

	BUSINESS ADDRESS:	
		STREET 1:		414 SILVER AVE. SW
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87102-3289
		BUSINESS PHONE:		5052412700

	MAIL ADDRESS:	
		STREET 1:		414 SILVER AVE. SW
		STREET 2:		ATTN: MS 0905 - CATHY MARTINEZ
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87102-3289

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANZANO CORP
		DATE OF NAME CHANGE:	20000303
</SEC-HEADER>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed Pursuant to Rule 424(b)(3) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-223336</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS SUPPLEMENT No.&nbsp;1 dated November&nbsp;2, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To Prospectus Supplement dated August&nbsp;3, 2018 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(To
Prospectus dated March&nbsp;1, 2018) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g13489g98m82.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IMPORTANT NOTICE REGARDING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PNM RESOURCES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DIRECT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(a stock
purchase and dividend reinvestment plan) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Valued Investor: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously announced, on October&nbsp;20, 2020, PNM Resources, Inc., a New Mexico corporation (&#147;PNM Resources&#148;), Avangrid, Inc., a New York
corporation (&#147;AVANGRID&#148;), and NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of AVANGRID (&#147;Merger Sub&#148;), entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) pursuant to
which Merger Sub will merge with and into PNM Resources (the &#147;Merger&#148;), with PNM Resources surviving the Merger as a direct wholly-owned subsidiary of AVANGRID. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Merger Agreement, each issued and outstanding share of the common stock of PNM Resources (&#147;PNM Resources common stock&#148;) (other than
certain shares held by parties to the Merger Agreement or their wholly-owned subsidiaries or certain Dissenting Shares (as defined in the Merger Agreement)) will, at the effective time of the Merger, be converted into the right to receive $50.30 in
cash (the &#147;Merger Consideration&#148;). Following the Merger, PNM Resources common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, and PNM Resources will no longer be required
to file periodic reports with the Securities and Exchange Commission in respect of PNM Resources common stock. Completion of the Merger is subject to the satisfaction or waiver of certain customary closing conditions and approvals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>As required by the Merger Agreement, PNM Resources has amended the PNM Resources, Inc. Direct Plan (the &#147;Plan&#148; or &#147;PNM Resources
Direct&#148;) to terminate the right to purchase shares under the Plan with respect to any cash dividends and first-time or optional cash investments that are not received by noon Eastern Time on November</U><U></U><U>&nbsp;17, 2020. No purchases of
shares of PNM Resources common stock under the Plan will occur after November</U><U></U><U>&nbsp;18, 2020.</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This prospectus supplement
(&#147;Supplement&#148;) is dated November&nbsp;2, 2020 and updates the Prospectus Supplement dated August&nbsp;3, 2018 to the Prospectus dated March&nbsp;1, 2018. This Supplement updates certain information in the Prospectus Supplement dated
August&nbsp;3, 2018 to reflect the termination of the right to purchase shares of PNM Resources common stock under the Plan effective November&nbsp;17, 2020. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cash Dividend Reinvestment </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plan Administrator is Computershare Trust Company, N.A. For Plan participants enrolled in the dividend reinvestment portion of the Plan, the Plan
Administrator will purchase shares of PNM Resources common stock with the cash dividends received by noon Eastern Time on November&nbsp;17, 2020 pursuant to the terms of the Plan. Accordingly, the cash dividend payable on November&nbsp;13, 2020 to
holders of PNM Resources common stock of record on November&nbsp;2, 2020 will be reinvested to purchase shares of PNM Resources common stock pursuant to the terms of the Plan. After November&nbsp;17, 2020, existing shareholders will not be permitted
to have subsequent cash dividends reinvested in additional shares of PNM Resources common stock under the Plan. Instead, any subsequent cash dividends paid on shares of PNM Resources common stock held on the applicable record date will be paid to
Plan participants in cash, irrespective of a prior election to have such cash dividends automatically reinvested. Plan participants will receive a check for any subsequent cash dividends unless they have elected under the Plan to have such cash
dividends deposited directly into a bank account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the terms of the Plan, any funds related to the cash dividend payable on November&nbsp;13,
2020 that are not used to purchase shares of PNM Resources common stock or to pay requisite expenses, if any, by November&nbsp;18, 2020 will be returned to you as soon as administratively practicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>First-Time and Optional Cash Investment </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Existing
shareholders and interested first-time investors also will not be permitted to purchase PNM Resources common stock through first-time or optional cash investments under the Plan that are received after noon Eastern Time on November&nbsp;17, 2020.
For Plan participants who have elected to purchase PNM Resources common stock under the Plan through automatic monthly withdrawals of funds from a bank account, the last scheduled withdrawal occurred on October&nbsp;26, 2020 and no further
withdrawals will be debited after such date. Funds submitted by check or online through Investor Center for first-time or optional cash investments must be received by the Plan Administrator by noon Eastern Time on November&nbsp;17, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the terms of the Plan, funds received by the Plan Administrator that are not used to purchase shares of PNM Resources common stock or to pay
requisite expenses, if any, by November&nbsp;18, 2020 will be returned to you as soon as administratively practicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Operation of the Plan
Subsequent to November&nbsp;17, 2020 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The termination of the right to purchase shares under the Plan effective November&nbsp;17, 2020 does not
affect shares of PNM Resources common stock acquired under the Plan prior to November&nbsp;17, 2020, nor does it restrict your ability to access your Plan account or sell common stock held in that account pursuant to the terms of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective upon completion of the Merger and as required by the Merger Agreement, PNM Resources expects to terminate the Plan and expects that each share of
PNM Resources common </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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stock credited to the account of a Plan participant in book-entry form will be converted, in accordance with the procedures set forth in the Merger Agreement, into the right to receive the Merger
Consideration (with any Dissenting Shares (as defined in the Merger Agreement) to be treated in accordance with the terms of the Merger Agreement), to be distributed to each Participant as soon as administratively practicable after completion of the
Merger. PNM Resources expects to provide further information regarding the effect of termination on accounts under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PNM Resources reserves the
right to suspend, modify or terminate the Plan at any time. PNM Resources, together with the Plan Administrator, also reserves the right to change any administrative procedures of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For further information, please contact the Plan Administrator as directed below. Representatives are available Monday through Friday from 8:00 a.m. to 8:00
p.m. Eastern Time. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Call Computershare Trust Company, N.A.:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-877-663-7775</FONT></FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Online over the Internet at:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">www.computershare.com/investor</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">International Telephone Inquiries:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-201-680-6578</FONT></FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For the Hearing Impaired (TDD):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-231-5469</FONT></FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may write the Plan Administrator at the following address: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 505000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Louisville, KY
40233-5000 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please include your daytime telephone number, your account number and a reference to PNM Resources, Inc. on all correspondence. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Additional Information about the Proposed Transaction and Where to Find It </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This prospectus supplement does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or
approval. This communication may be deemed to be solicitation material in respect of the proposed business combination transaction between PNM Resources and AVANGRID. The proposed business combination transaction between PNM Resources and AVANGRID
will be submitted to the shareholders of PNM Resources for their consideration. PNM Resources will file a proxy statement and other documents with the Securities and Exchange Commission (the &#147;SEC&#148;) regarding the proposed business
combination transaction. This document is not a substitute for the proxy statement or any other document which PNM Resources may file with the SEC and send to PNM Resources&#146; shareholders in connection with the proposed business combination
transaction. INVESTORS AND SECURITY HOLDERS OF PNM RESOURCES ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PNM RESOURCES AND THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC&#146;s
website (www.sec.gov). You may also obtain these documents, free of charge, from PNM Resources&#146; website (https://www.pnmresources.com/) under the tab &#147;Investor&#148; and then under the heading &#147;SEC Filings.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Participants in the Solicitation </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AVANGRID, PNM Resources, their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the
solicitation of proxies in connection with the proposed transaction under the rules of the SEC. Information about PNM Resources&#146; directors and executive officers is set forth in its definitive proxy statement for its 2020 Annual Meeting of
Shareholders, which was filed with the SEC on March&nbsp;31, 2020, and its Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed with the SEC on March&nbsp;2, 2020. These documents can be obtained free of charge from the sources indicated above.
Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement and other relevant materials PNM Resources intends to file with the
SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>FORWARD-LOOKING STATEMENTS </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements
made in this prospectus supplement that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking
statements generally include statements regarding the potential transaction between PNM Resources and AVANGRID, including any statements regarding the expected timetable for completing the potential merger, the ability to complete the potential
merger, the expected benefits of the potential merger, projected financial information, future opportunities, and any other statements regarding PNM Resources&#146; and AVANGRID&#146;s future expectations, beliefs, plans, objectives, results of
operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. Neither AVANGRID nor PNM Resources assumes any obligation
to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, AVANGRID and PNM Resources caution readers not to place undue reliance on these statements. AVANGRID&#146;s
and PNM Resources&#146; business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the
forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see PNM Resources&#146; Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> filings and the information filed on PNM Resources&#146; Forms <FONT STYLE="white-space:nowrap">8-K</FONT> with the SEC, which factors are specifically incorporated by reference herein and the risks and
uncertainties related to the proposed merger with AVANGRID, including, but not limited to: the expected timing and likelihood of completion of the pending merger, including the timing, receipt and terms and conditions of any required governmental
and regulatory approvals of the pending merger that could reduce anticipated benefits or cause the parties to abandon the transaction, the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in
connection with the merger, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the possibility that PNM Resources&#146;
shareholders may not approve the merger agreement, the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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risk that the parties may not be able to satisfy the conditions to the proposed merger in a timely manner or at all, risks related to disruption of management time from ongoing business
operations due to the proposed merger, and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of PNM Resources to retain and hire key personnel and maintain relationships with its customers and
suppliers, and on its operating results and businesses generally. Other unpredictable or unknown factors not discussed in this prospectus supplement could also have material adverse effects on forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements that speak only as of the date hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
