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Financing | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Financing | Financing The Company’s financing strategy includes both short-term and long-term borrowings. The Company utilizes short-term revolving credit facilities, as well as cash flows from operations, to provide funds for both construction and operating expenditures. Depending on market and other conditions, the Company will periodically sell long-term debt or enter into term loan arrangements and use the proceeds to reduce borrowings under the revolving credit facilities or refinance other debt. Each of the Company’s revolving credit facilities, term loans, and other debt agreements contains a single financial covenant that requires the maintenance of a debt-to-capitalization ratio. For the PNMR agreements this ratio must be maintained at less than or equal to 70%, and for the PNM and TNMP agreements this ratio must be maintained at less than or equal to 65%. The Company’s revolving credit facilities, term loans, and other debt agreements generally also contain customary covenants, events of default, cross-default provisions, and change-of-control provisions. PNM must obtain NMPRC approval for any financing transaction having a maturity of more than 18 months. In addition, PNM files its annual informational financing filing and short-term financing plan with the NMPRC. Financing Activities PNMR At January 1, 2018, PNMR had outstanding letters of credit arrangements with JPMorgan Chase Bank N.A. (the “JPM LOC Facility”) under which letters of credit aggregating $30.3 million were issued to facilitate the posting of reclamation bonds, which SJCC was required to post in connection with permits relating to the operation of the San Juan mine. On March 15, 2019, WSJ LLC acquired the assets of SJCC following the bankruptcy of Westmoreland. WSJ LLC assumed all obligations of SJCC, including those under the letter of credit support agreements. See Note 16. In May 2020, JPMorgan Chase Bank N.A. gave notice that it would not extend the letters of credit beyond their October 21, 2020 expiration. In August 2020, PNMR entered into replacement letter of credit arrangements with Wells Fargo Bank, N.A. (the “WFB LOC Facility”) to replace the JPM LOC Facility. Letters of credit were issued under the WFB LOC Facility and exchanged for the letters of credit outstanding under the JPM LOC Facility prior to the expiration of the JPM LOC Facility. On October 21, 2020, the JPM LOC Facility expired according to its terms. On December 31, 2019, PNMR had $50.0 million in borrowings under the PNMR 2018 Two-Year Term Loan. On December 21, 2020, the PNMR 2018 Two-Year Term Loan was repaid and terminated in accordance with its terms. On January 7, 2020, PNMR entered into forward sale agreements with each of Citibank N.A., and Bank of America N.A., as forward purchasers and an underwriting agreement with Citigroup Global Markets Inc., and BofA Securities, Inc. as representatives of the underwriters named therein, relating to an aggregate of approximately 6.2 million shares of PNMR common stock (including 0.8 million shares of PNMR common stock pursuant to the underwriters’ option to purchase additional shares) (the “PNMR 2020 Forward Equity Sale Agreements”). On January 8, 2020, the underwriters exercised in full their option to purchase the additional 0.8 million shares of PNMR common stock and PNMR entered into separate forward sales agreements with respect to the additional shares. The initial forward sale price of $47.21 per share is subject to adjustments based on a net interest rate factor and by expected future dividends paid on PNMR common stock as specified in the forward sale agreements. PNMR did not initially receive any proceeds upon the execution of these agreements and, except in certain specified circumstances, had the option to elect physical, cash, or net share settlement on or before the date that is 12 months from their effective dates. On December 15, 2020 PNMR physically settled all shares under the PNMR 2020 Forward Equity Sale Agreements by issuing 6.2 million shares to the forward purchasers at a price of $45.805 per share aggregating net proceeds of $283.1 million. In addition, PNMR recorded a net $0.1 million for equity issuance costs reimbursed by the lead underwriter. Following this settlement, no shares of PNMR’s common stock remain subject to future settlement under the PNMR 2020 Forward Equity Sale Agreements. The PNMR 2020 Forward Equity Sale Agreements meet the derivative scope exception requirements for contracts involving an entity’s own equity. Until settlement of the forward sale agreements, PNMR’s EPS dilution resulting from the agreements, if any, was determined using the treasury stock method, which resulted in dilution during periods when the average market price of PNMR stock during the reporting period was higher than the applicable forward sales price as of the end of that period. See Note 5. On December 31, 2020, PNMR had $300.0 million aggregate principal amount of 3.25% SUNs outstanding (the “PNMR 2018 SUNs”), which were set to mature on March 9, 2021. As discussed below, on March 9, 2021, PNMR utilized $220.0 million of capacity under the PNMR 2020 Delayed-Draw Term Loan as well as $80.0 million in borrowings under the PNMR Revolving Credit Facility to repay the PNMR 2018 SUNs. On December 31, 2020, PNMR had $65.0 million outstanding under the PNMR Development Term Loan that was amended to reduce the balance from $90.0 million to $65.0 million. On May 18, 2021, the $65.0 million PNMR Development Term Loan was repaid using proceeds from the PNMR 2021 Delayed-Draw Term Loan discussed below. On December 31, 2020, PNMR had $150.0 million outstanding under the PNMR 2019 Term Loan that was set to mature on June 11, 2021. On May 18, 2021, the $150.0 million PNMR 2019 Term Loan was repaid using proceeds from the PNMR 2021 Delayed-Draw Term Loan discussed below. On December 21, 2020, PNMR entered into a $150.0 million term loan agreement (the “PNMR 2020 Term Loan”), between PNMR and U.S. Bank National Association, as sole lender. Proceeds from the PNMR 2020 Term Loan were used to repay the $50.0 million PNMR 2018 Two-Year Term Loan and for other corporate purposes. The PNMR 2020 Term Loan was set to mature on January 31, 2022. On May 18, 2021, the PNMR 2020 Term Loan was repaid with proceeds from the PNMR 2021 Delayed-Draw Term Loan discussed below. On December 22, 2020, PNMR entered into a $300.0 million delayed-draw term loan agreement (the “PNMR 2020 Delayed-Draw Term Loan”), among PNMR, the lenders party thereto, and MUFG Bank, Ltd., as administrative agent. Initially PNMR drew $80.0 million to refinance existing indebtedness and for other corporate purposes. PNMR used the remaining $220.0 million of capacity from the PNMR 2020 Delayed-Draw Term Loan to repay an equivalent amount of the PNMR 2018 SUNs. Draws on the PNMR 2020 Delayed-Draw Term Loan were set to mature on January 31, 2022. On May 18, 2021, the $300.0 million outstanding under the PNMR 2020 Delayed-Draw Term Loan was repaid with proceeds from the PNMR 2021 Delayed-Draw Term Loan discussed below. On May 18, 2021, PNMR entered into the PNMR 2021 Delayed-Draw Term Loan, among PNMR, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent. Initially PNMR drew $850.0 million to repay and terminate existing indebtedness, including the $150.0 million PNMR 2019 Term Loan, the $300.0 million PNMR 2020 Delayed-Draw Term Loan, the $150.0 million PNMR 2020 Term Loan, the $65.0 million PNMR Development Term Loan, and $40.0 million in borrowings under the PNMR Development Revolving Credit Facility. Additionally, PNMR repaid $92.1 million in borrowings under the PNMR Revolving Credit Facility. On December 2, 2021, PNMR drew an additional $50.0 million under the PNMR 2021 Delayed-Draw Term Loan. Draws on the PNMR 2021 Delayed-Draw Term Loan bear interest at a variable rate, which was 0.95% at December 31, 2021, and mature on May 18, 2023. On January 24, 2022, PNMR drew the remaining $100.0 million available under the PNMR 2021 Delayed-Draw Term Loan. PNMR had an automatic shelf registration that provides for the issuance of various types of debt and equity securities that expired in March 2021. PNM At January 1, 2019, PNM had a $200.0 million term loan agreement (the “PNM 2017 Term Loan”) between PNM and JPMorgan Chase Bank, N.A., as lender and administrative agent, and U.S. Bank National Association, as lender. The PNM 2017 Term Loan was repaid on January 18, 2019. In 2018, PNMR Development deposited $68.2 million with PNM related to potential transmission network interconnections. PNM used the deposit to repay intercompany borrowings. PNM was required to pay interest to PNMR Development to the extent work under the interconnections has not been performed. The entire deposit of $68.2 million and accrued interest of $5.7 million was refunded in November 2019. The interconnection deposit and related refund is presented in financing activities and the interest payment is presented in operating activities on PNM’s Consolidated Statements of Cash Flows for the year ended December 31, 2019. During the year ended December 31, 2019 PNM recognized $3.3 million of interest expense under the agreement. All intercompany transactions related to this deposit have been eliminated on PNMR’s Consolidated Financial Statements. On January 18, 2019, PNM entered into a $250.0 million term loan agreement (the “PNM 2019 $250.0 million Term Loan”) among PNM, the lenders party thereto, and U.S. Bank N.A., as administrative agent. PNM used the proceeds of the PNM 2019 $250.0 million Term Loan to repay the PNM 2017 Term Loan, to reduce short-term borrowings under the PNM Revolving Credit Facility, and for general corporate purposes. The PNM 2019 $250.0 million Term Loan was prepaid in April 2020 without penalty. On December 18, 2019, PNM entered into a $40.0 million term loan agreement (the “PNM 2019 $40.0 million Term Loan”), between PNM and Bank of America, N.A. as sole lender and administrative agent. PNM used the proceeds of the PNM 2019 $40.0 million Term Loan to reduce short-term borrowings under the PNM Revolving Credit Facility and for general corporate purposes. On June 18, 2021, the $40.0 million PNM 2019 Term Loan was repaid using proceeds from the PNM 2021 Term Loan. On April 15, 2020, PNM entered into a $250.0 million term loan agreement (the “PNM 2020 Term Loan”), between PNM, the lenders party thereto, and U.S. Bank N.A., as administrative agent. Proceeds from the PNM 2020 Term Loan were used to prepay the PNM 2019 $250.0 million Term Loan due July 2020, without penalty. As discussed below, on April 30, 2020, PNM used $100.0 million of proceeds from the PNM 2020 SUNs to prepay without penalty an equal amount of the PNM 2020 Term Loan. On December 21, 2020, PNM prepaid without penalty, the remaining $150.0 million balance of the PNM 2020 Term Loan. On April 30, 2020, PNM entered into an agreement (the “PNM 2020 Note Purchase Agreement”) with institutional investors for the sale of $200.0 million aggregate principal amount of senior unsecured notes offered in private placement transactions. Under the agreement, PNM issued $150.0 million aggregate principal amount of its 3.21% senior unsecured notes, Series A, due April 30, 2030, and $50.0 million of its aggregate principal amount of its 3.57% senior unsecured notes, Series B, due April 29, 2039 (the “PNM 2020 SUNs”). The PNM 2020 SUNs were issued on April 30, 2020. PNM used $100.0 million of proceeds from the PNM 2020 SUNs to prepay, without penalty, an equal amount of the PNM 2020 Term Loan. The remaining $100.0 million of the PNM 2020 SUNs were used to repay borrowings on the PNM Revolving Credit Facility and for other corporate purposes. The PNM 2020 Note Purchase Agreement includes the customary covenants discussed above. In the event of a change of control, PNM will be required to offer to prepay the PNM 2020 SUNs at par. Although there are customary change of control provisions in the PNM debt agreements, the change of control provisions in these agreements, including the PNM 2020 Note Purchase Agreement, are not triggered by the closing of the Merger. PNM has the right to redeem any or all of the PNM 2020 SUNs prior to their maturities, subject to payment of a customary make-whole premium. At December 31, 2019, PNM had three series of outstanding PCRBs aggregating $100.3 million, that were subject to mandatory tender on June 1, 2020. One series of $40.0 million had a final maturity of June 1, 2040 and two series of $39.3 million and $21.0 million had a final maturity of June 1, 2043. On June 1, 2020, PNM purchased these PCRBs utilizing borrowings under the PNM Revolving Credit Facility and converted the PCRBs to the weekly mode. PNM held these PCRBs (without legally canceling them) until July 1, 2020, when they were remarketed in the weekly mode (the “PNM Floating Rate PCRBs”) and PNM used the remarketing proceeds to repay the revolver borrowings. The PNM Floating Rate PCRBs bore interest at rates that were reset weekly, giving investors the option to return the PCRBs for remarketing to new investors upon 7 days' notice. On October 1, 2021, PNM converted the PNM Floating Rate PCRBs to a fixed rate period and successfully remarketed them to new investors (the “PNM 2021 Fixed Rate PCRBs”). The PNM 2021 Fixed Rate PCRBs now bear interest at 0.875% and are subject to mandatory tender on October 1, 2026. At December 31, 2019, PNM had PCRBs outstanding of $36.0 million at 6.25% issued by the Maricopa County, Arizona Pollution Control Corporation as well as $255.0 million at 5.90% and $11.5 million at 6.25% issued by the City of Farmington, New Mexico. The $36.0 million PCRBs became callable at 101% of par on January 1, 2020 and the remaining $266.5 million PCRBs became callable at par on June 1, 2020. On June 22, 2020, PNM provided notice to the bondholders that it was calling the PCRBs aggregating $302.5 million. On July 22, 2020, PNM purchased the PCRBs in lieu of redemption and remarketed them to new investors (the “PNM 2020 Fixed Rate PCRBs”). On June 18, 2021, PNM entered into a $75.0 million term loan (the “PNM 2021 Term Loan”) between PNM and Bank of America, N.A., as lender. The PNM 2021 Term Loan was used to repay the PNM 2019 $40.0 million Term Loan and for other corporate purposes. The PNM 2021 Term Loan bears interest at a variable rate, which was 0.93% at December 31, 2021 and matures on December 18, 2022. On July 14, 2021, PNM entered into the PNM 2021 Note Purchase Agreement with institutional investors for the sale and issuance of $160.0 million aggregate principal amount of the PNM 2021 SUNs offered in private placement transactions. The PNM 2021 SUNs were issued on July 14, 2021. PNM issued $80.0 million of the PNM 2021 SUNs at 2.59%, due July 15, 2033, and another $80.0 million at 3.14%, due July 15, 2041. Proceeds from the PNM 2021 SUNs were used to repay the total amount of $160.0 million of PNM's 5.35% SUNs, at par, earlier than their scheduled maturity of October 1, 2021. The PNM 2021 Note Purchase Agreement includes the customary covenants discussed above. In the event of a change of control, PNM will be required to offer to prepay the PNM 2021 SUNs at par. Although there are customary change of control provisions in the PNM debt agreements, the change of control provisions in these agreements, including the PNM 2021 Note Purchase Agreement, are not triggered by the closing of the Merger. PNM has the right to redeem any or all of the PNM 2021 SUNs prior to their maturities, subject to payment of a customary make-whole premium. On September 23, 2021, PNM entered into the PNM September 2021 Note Purchase Agreement with institutional investors for the sale and issuance of $150.0 million aggregate principal amount of the PNM September 2021 SUNs offered in private placement transactions. On December 2, 2021, PNM issued $50.0 million of the PNM September 2021 SUNs at 2.29%, due December 30, 2031, and another $100.0 million at 2.97%, due December 30, 2041. Proceeds from the PNM September 2021 SUNs were used for funding of capital expenditures, including the purchase of the Western Spirit Line, repayment of existing indebtedness, and for general corporate purposes. The PNM September 2021 Note Purchase Agreement includes the customary covenants discussed above. In the event of a change of control, PNM will be required to offer to prepay the PNM September 2021 SUNs at par. Although there are customary change of control provisions in the PNM debt agreements, the change of control provisions in these agreements, including the PNM September 2021 Note Purchase Agreement, are not triggered by the closing of the Merger. PNM has the right to redeem any or all of the PNM September 2021 SUNs prior to their maturities, subject to payment of a customary make-whole premium. At December 31, 2020, PNM had $146.0 million of outstanding PCRBs with a final maturity of April 1, 2033. These PCRBs were subject to mandatory tender on October 1, 2021 and were successfully remarketed to new investors on that date. The $146.0 million PCRBs bear interest at a fixed rate of 2.15% until their final maturity. PNM has a shelf registration statement, which will expire in May 2023, with capacity for the issuance of up to $650.0 million of senior unsecured notes. TNMP On July 25, 2018, TNMP entered into a $20.0 million term loan agreement. On December 17, 2018, the TNMP 2018 Term Loan agreement was amended to provide additional funding of $15.0 million, which resulted in a total committed amount of $35.0 million under the agreement (the “TNMP 2018 Term Loan”). TNMP used the proceeds from these issuances to repay short-term borrowings and for TNMP’s general corporate purposes. The TNMP 2018 Term Loan was repaid on December 30, 2019. On February 26, 2019, TNMP entered into an agreement (the “TNMP 2019 Bond Purchase Agreement”) with institutional investors for the sale of $305.0 million aggregate principal amount of four series of TNMP first mortgage bonds (the “TNMP 2019 Bonds”) offered in private placement transactions. TNMP issued $225.0 million of TNMP 2019 Bonds on March 29, 2019 and used the proceeds to repay TNMP’s $172.3 million 9.50% first mortgage bonds at their maturity on April 1, 2019, as well as to repay borrowings under the TNMP Revolving Credit Facility and for general corporate purposes. TNMP issued the remaining $80.0 million of TNMP 2019 Bonds on July 1, 2019 and used the proceeds to repay borrowings under the TNMP Revolving Credit Facility and for general corporate purposes. The terms of the indenture governing the TNMP 2019 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2019 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2019 Bonds prior to their respective maturities, subject to payment of a customary make-whole premium. On April 24, 2020, TNMP entered into an agreement (the “TNMP 2020 Bond Purchase Agreement”) with institutional investors for the sale of $185.0 million aggregate principal amount of four series of TNMP first mortgage bonds (the “TNMP 2020 Bonds”) offered in private placement transactions. TNMP issued $110.0 million of TNMP 2020 Bonds on April 24, 2020 and used the proceeds to repay borrowings under the TNMP Revolving Credit Facility and for other corporate purposes. TNMP issued the remaining $75.0 million of TNMP 2020 Bonds on July 15, 2020 and used the proceeds from that issuance to repay borrowings under the TNMP Revolving Credit facility and for other corporate purposes. The TNMP 2020 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the indenture governing the TNMP 2020 Bonds. The terms of the indenture governing the TNMP 2020 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2020 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2020 Bonds prior to their respective maturities, subject to payment of a customary make-whole premium. On July 14, 2021, TNMP entered into the TNMP 2021 Bond Purchase Agreement with institutional investors for the sale of $65.0 million aggregate principal amount of the TNMP 2021 Bonds offered in private placement transactions. On August 16, 2021, TNMP issued all $65.0 million of the TNMP 2021 Bonds at 2.44% with a maturity of August 15, 2035 and used the proceeds to repay existing debt and for other corporate purposes. The TNMP 2021 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indenture governing the TNMP 2021 Bonds. The terms of the supplemental indenture governing the TNMP 2021 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2021 Bonds at par. However, the definition of change of control in the supplemental indenture governing the TNMP 2021 Bonds will not be triggered by the closing of the Merger. TNMP has the right to redeem any or all of the TNMP 2021 Bonds prior to their maturity, subject to payment of a customary make-whole premium. Merger Related Financing Activities On October 20, 2020, the execution of the Merger Agreement constituted a “Change of Control” under certain PNMR, TNMP and PNMR Development debt agreements. Under each of the specified debt agreements, a “Change of Control” constitutes an “Event of Default,” pursuant to which the lender parties thereto have the right to accelerate the indebtedness under the debt agreements. The definition of Change of Control under the PNM debt agreements and PNM note purchase agreements was not triggered by the execution of the Merger Agreement. On October 26, 2020, PNMR, TNMP and PNMR Development entered into amendment agreements with the lender parties thereto to amend the definition of “Change of Control” such that the entry into the Merger Agreement would not constitute a Change of Control and to waive the Event of Default arising from entry into the Merger Agreement. On September 15, 2021, PNMR and TNMP and the lender parties further amended the definition of “Change of Control” in the PNMR Revolving Credit Facility and the TNMP Revolving Credit Facility such that the closing of the Merger does not constitute a Change of Control under those facilities. The Change of Control provisions in the PNM debt agreements, PNM note purchase agreements, and TNMP 2021 Bond Purchase Agreement are not triggered by the closing of the Merger and did not require amendment. The documents governing TNMP's aggregate $750.0 million of outstanding 2014 to 2020 First Mortgage Bonds (“TNMP FMBs”) obligated TNMP to offer, within 30 business days following the signing of the Merger Agreement, to prepay those $750.0 million outstanding TNMP FMBs at 100% of the principal amount, plus accrued and unpaid interest thereon, but without any make-whole amount or other premium. TNMP made such offer to prepay the TNMP FMBs in accordance with the terms of the TNMP FMBs, and none of the holders of the TNMP FMBs accepted TNMP’s offer. The documents governing the 2014 to 2020 TNMP FMBs require TNMP to make another offer, within 30 business days of closing of the Merger, to prepay those $750.0 million outstanding TNMP FMBs at par. TNMP will make such offer to prepay the $750.0 million outstanding 2014 to 2020 TNMP FMBs in accordance with the terms of the TNMP FMBs; however, holders of the TNMP FMBs are not required to tender their TNMP FMBs and may accept or reject such offer to prepay. As discussed above, the supplemental indenture that governs the TNMP 2021 Bonds excludes the Merger from the definition of Change of Control. The TNMP FMBs are not registered under the Securities Act and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements and applicable state laws. The information in this Annual Report on Form 10-K is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Similar to the offer to prepay made after signing the Merger Agreement, the post-Merger closing offer to prepay the TNMP FMBs will be made only pursuant to an offer to prepay, which will set forth the terms and conditions of the offer to prepay. Interest Rate Hedging Activities In 2017, PNMR entered into three separate four-year hedging agreements that effectively established fixed interest rates of 1.926%, 1.823%, and 1.629%, plus customary spreads over LIBOR, subject to change if there is a change in PNMR’s credit rating, for three separate tranches, each of $50.0 million, of its variable rate debt. These hedge agreements were accounted for as cash flow hedges and had fair values of $0.9 million that were included in other current liabilities on the Consolidated Balance Sheets at December 31, 2020. As discussed in Note 3, changes in the fair value of the cash flow hedges were deferred in AOCI and amounts reclassified to the Consolidated Statement of Earnings were recorded in interest charges. The fair values were determined using Level 2 inputs, including using forward LIBOR curves under the mid-market convention to discount cash flows over the remaining term of the agreement. On March 23, 2021, the 1.926% fixed interest rate hedge agreement expired according to its terms and the remaining agreements expired on May 23, 2021. Borrowing Arrangements Between PNMR and its Subsidiaries PNMR has intercompany loan agreements with its subsidiaries. Individual subsidiary loan agreements vary in amount up to $150.0 million and have either reciprocal or non-reciprocal terms. Interest charged to the subsidiaries is equivalent to interest paid by PNMR on its short-term borrowings or the money-market interest rate if PNMR does not have any short-term borrowings outstanding. All balances outstanding under intercompany loan agreements are eliminated upon consolidation. See Note 1. PNM and TNMP had no borrowings from PNMR at December 31, 2021 and 2020. At February 18, 2022, PNM had no borrowings and TNMP had $45.5 million of borrowings from PNMR. PNMR Development had zero and $0.3 million in short-term borrowings outstanding from PNMR at December 31, 2021 and 2020 and none at February 18, 2022. PNMR had $6.4 million and zero in short-term borrowings outstanding from PNMR Development at December 31, 2021 and 2020 and $6.3 million at February 18, 2022. Short-term Debt and Liquidity Currently, the PNMR Revolving Credit Facility has a financing capacity of $300.0 million and the PNM Revolving Credit Facility has a financing capacity of $400.0 million. Both facilities currently expire on October 31, 2023 and contain options to be extended through October 2024, subject to approval by a majority of the lenders. PNM also has the $40.0 million PNM 2017 New Mexico Credit Facility that expires on December 12, 2022. The TNMP Revolving Credit Facility is a $75.0 million revolving credit facility secured by $75.0 million aggregate principal amount of TNMP first mortgage bonds and matures on September 23, 2022 and contains two one-year extension options, subject to approval by a majority of the lenders. PNMR Development had a $40.0 million revolving credit facility that was set to expire on January 31, 2022. On May 18, 2021, the PNMR Development Revolving Credit Facility was terminated. Variable interest rates under these facilities are based on LIBOR but contain provisions which allow for the replacement of LIBOR with other widely accepted interest rates. Short-term debt outstanding consists of:
|  | December 31,
Short-term Debt |  | 2021 |  | 2020
|  | (In thousands)
PNM: |  |  |  |
PNM Revolving Credit Facility |  | $ | 7,400 |  |  | $ | — |
PNM 2017 New Mexico Credit Facility |  | — |  |  | 10,000 |
|  | 7,400 |  |  | 10,000 |
TNMP Revolving Credit Facility |  | 400 |  |  | — |
PNMR: |  |  |  |
PNMR Revolving Credit Facility |  | 54,900 |  |  | 12,000 |
PNMR Development Revolving Credit Facility |  | — |  |  | 10,000 |
|  | $ | 62,700 |  |  | $ | 32,000 |
In addition to the above borrowings, PNMR, PNM, and TNMP had letters of credit outstanding of $3.4 million, zero, and zero at December 31, 2021 that reduce the available capacity under their respective revolving credit facilities. In addition, PNMR had $30.3 million of letters of credit outstanding under the WFB LOC Facility. At December 31, 2021, interest rates on outstanding borrowings were 1.61% for the PNMR Revolving Credit Facility, 1.35% for the PNM Revolving Credit Facility, and 0.85% for the TNMP Revolving Credit Facility. There were no borrowings outstanding under the PNM 2017 New Mexico Credit Facility at December 31, 2021. At February 18, 2022, PNMR, PNM, and TNMP had $296.6 million, $400.0 million, and $63.2 million of availability under their respective revolving credit facilities, including reductions of availability due to outstanding letters of credit. PNM had $40.0 million of availability under the PNM 2017 New Mexico Credit Facility. Total availability at February 18, 2022, on a consolidated basis, was $799.8 million for PNMR. At February 18, 2022, PNMR, PNM, and TNMP had invested cash of $0.9 million, $1.0 million, and zero. Long-Term Debt Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows:
|  | December 31, 2021 |  | December 31, 2020
|  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net |  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net
|  | (In thousands)
PNM Debt |
Senior Unsecured Notes, Pollution Control Revenue Bonds: |  |  |  |  |  |  |  |
1.875% due April 2033, mandatory tender - October 1, 2021 |  | $ | — |  |  | $ | — |  |  | $ | 146,000 |  |  | $ | 301 |
2.15% due April 2033 |  | 146,000 |  |  | 1,003 |  |  | — |  |  | — |
2.125% due June 2040, mandatory tender - June 1, 2022 |  | 37,000 |  |  | 45 |  |  | 37,000 |  |  | 135 |
2.45% due September 2042, mandatory tender - June 1, 2022 |  | 20,000 |  |  | 17 |  |  | 20,000 |  |  | 50 |
Floating rate, weekly-mode |  | — |  |  | — |  |  | 100,345 |  |  | 798 |
0.875% due October 2026 |  | 100,345 |  |  | 697 |  |  | — |  |  | — |
1.05% due January 2038, mandatory tender - June 1, 2022 |  | 36,000 |  |  | 75 |  |  | 36,000 |  |  | 226 |
1.20% due June 2040, mandatory tender - June 1, 2022 |  | 11,500 |  |  | 24 |  |  | 11,500 |  |  | 72 |
1.10% due June 2040, mandatory tender June 1, 2023 |  | 130,000 |  |  | 535 |  |  | 130,000 |  |  | 892 |
1.15% due June 2040, mandatory tender - June 1, 2024 |  | 125,000 |  |  | 639 |  |  | 125,000 |  |  | 894 |
Senior Unsecured Notes: |  |  |  |  |  |  |  |
5.35% due October 2021 |  | — |  |  | — |  |  | 160,000 |  |  | 129 |
3.15% due May 2023 |  | 55,000 |  |  | 106 |  |  | 55,000 |  |  | 184 |
3.45% due May 2025 |  | 104,000 |  |  | 353 |  |  | 104,000 |  |  | 457 |
3.85% due August 2025 |  | 250,000 |  |  | 1,075 |  |  | 250,000 |  |  | 1,375 |
3.68% due May 2028 |  | 88,000 |  |  | 395 |  |  | 88,000 |  |  | 457 |
3.78% due August 2028 |  | 15,000 |  |  | 69 |  |  | 15,000 |  |  | 80 |
3.93% due May 2033 |  | 38,000 |  |  | 203 |  |  | 38,000 |  |  | 221 |
4.22% due May 2038 |  | 45,000 |  |  | 259 |  |  | 45,000 |  |  | 275 |
4.50% due May 2048 |  | 20,000 |  |  | 124 |  |  | 20,000 |  |  | 128 |
4.60% due August 2048 |  | 85,000 |  |  | 530 |  |  | 85,000 |  |  | 550 |
3.21% due April 2030 |  | 150,000 |  |  | 1,331 |  |  | 150,000 |  |  | 1,490 |
3.57% due April 2039 |  | 50,000 |  |  | 482 |  |  | 50,000 |  |  | 511 |
2.59% due July 2033 |  | 80,000 |  |  | 443 |  |  | — |  |  | — |
3.14% due July 2041 |  | 80,000 |  |  | 450 |  |  | — |  |  | — |
2.29% due December 2031 |  | 50,000 |  |  | 293 |  |  | — |  |  | — |
2.97% due December 2041 |  | 100,000 |  |  | 587 |  |  | — |  |  | — |
PNM 2019 $40.0 Million Term Loan due June 2021 |  | — |  |  | — |  |  | 40,000 |  |  | — |
PNM 2021 $75.0 Million Term Loan due December 2022 |  | 75,000 |  |  | — |  |  | — |  |  | — |
|  | 1,890,845 |  |  | 9,735 |  |  | 1,705,845 |  |  | 9,225 |
Less current maturities |  | 179,500 |  |  | 161 |  |  | 346,000 |  |  | 430 |
|  | 1,711,345 |  |  | 9,574 |  |  | 1,359,845 |  |  | 8,795 |
|  | December 31, 2021 |  | December 31, 2020
|  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net |  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net
|  | (In thousands)
TNMP Debt |  |  |  |  |  |  |  |
First Mortgage Bonds: |  |  |  |  |  |  |  |
6.95% due April 2043 |  | $ | 93,198 |  |  | $ | (15,202) |  |  | $ | 93,198 |  |  | $ | (15,917) |
4.03% due July 2024 |  | 80,000 |  |  | 264 |  |  | 80,000 |  |  | 369 |
3.53% due February 2026 |  | 60,000 |  |  | 338 |  |  | 60,000 |  |  | 420 |
3.22% due August 2027 |  | 60,000 |  |  | 324 |  |  | 60,000 |  |  | 380 |
3.85% due June 2028 |  | 60,000 |  |  | 406 |  |  | 60,000 |  |  | 469 |
3.79% due March 2034 |  | 75,000 |  |  | 460 |  |  | 75,000 |  |  | 497 |
3.92% due March 2039 |  | 75,000 |  |  | 486 |  |  | 75,000 |  |  | 514 |
4.06% due March 2044 |  | 75,000 |  |  | 501 |  |  | 75,000 |  |  | 524 |
3.60% due July 2029 |  | 80,000 |  |  | 451 |  |  | 80,000 |  |  | 511 |
2.73% due April 2030 |  | 85,000 |  |  | 699 |  |  | 85,000 |  |  | 784 |
3.36% due April 2050 |  | 25,000 |  |  | 235 |  |  | 25,000 |  |  | 243 |
2.93% due July 2035 |  | 25,000 |  |  | 224 |  |  | 25,000 |  |  | 241 |
3.36% due July 2050 |  | 50,000 |  |  | 473 |  |  | 50,000 |  |  | 490 |
2.44% due August 2035 |  | 65,000 |  |  | 489 |  |  | — |  |  | — |
|  | 908,198 |  |  | (9,852) |  |  | 843,198 |  |  | (10,475) |
Less current maturities |  | — |  |  | — |  |  | — |  |  | — |
|  | 908,198 |  |  | (9,852) |  |  | 843,198 |  |  | (10,475) |
PNMR Debt |  |  |  |  |  |  |  |
PNMR 2021 Delayed-Draw Term Loan due May 2023 |  | 900,000 |  |  | 241 |  |  | — |  |  | — |
PNMR 3.25% 2018 SUNs due March 2021 |  | — |  |  | — |  |  | 300,000 |  |  | 137 |
PNMR Development Term Loan due January 2022 |  | — |  |  | — |  |  | 65,000 |  |  | — |
PNMR 2019 Term Loan due June 2021 |  | — |  |  | — |  |  | 150,000 |  |  | 6 |
PNMR 2020 Term Loan due January 2022 |  | — |  |  | — |  |  | 150,000 |  |  | — |
PNMR 2020 Delayed-Draw Term Loan due January 2022 |  | — |  |  | — |  |  | 80,000 |  |  | — |
|  | 900,000 |  |  | 241 |  |  | 745,000 |  |  | 143 |
Less current maturities |  | — |  |  | — |  |  | 230,000 |  |  | 52 |
|  | 900,000 |  |  | 241 |  |  | 515,000 |  |  | 91 |
Total Consolidated PNMR Debt |  | 3,699,043 |  |  | 124 |  |  | 3,294,043 |  |  | (1,107) |
Less current maturities |  | 179,500 |  |  | 161 |  |  | 576,000 |  |  | 482 |
|  | $ | 3,519,543 |  |  | $ | (37) |  |  | $ | 2,718,043 |  |  | $ | (1,589) |
Reflecting mandatory tender dates, long-term debt maturities as of December 31, 2020 are follows:
| PNMR |  | PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
2022 | $ | — |  |  | $ | 179,500 |  |  | $ | — |  |  | $ | 179,500 |
2023 | 900,000 |  |  | 185,000 |  |  | — |  |  | 1,085,000 |
2024 | — |  |  | 125,000 |  |  | 80,000 |  |  | 205,000 |
2025 | — |  |  | 354,000 |  |  | — |  |  | 354,000 |
2026 | — |  |  | 100,345 |  |  | 60,000 |  |  | 160,345 |
Thereafter | — |  |  | 947,000 |  |  | 768,198 |  |  | 1,715,198 |
Total | $ | 900,000 |  |  | $ | 1,890,845 |  |  | $ | 908,198 |  |  | $ | 3,699,043 |

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