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Financing | 12 Months Ended
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Dec. 31, 2023
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 contain 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 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. 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. At December 31, 2020, PNMR had $150.0 million outstanding under the PNMR 2019 Term Loan, $150.0 million outstanding under the PNMR 2020 Term Loan, $300.0 million outstanding under the PNMR 2020 Delayed-Draw Term Loan, and $65.0 million outstanding under the PNMR Development Term Loan. On May 18, 2021, each of these outstanding amounts were 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 and used the proceeds for other general corporate purposes. On January 24, 2022, PNMR drew the remaining $100.0 million available under the PNMR 2021 Delayed-Draw Term Loan and used the proceeds to pay down the PNMR Revolving Credit Facility. On May 20, 2022, PNMR amended and restated the PNMR 2021 Delayed-Draw Term Loan, extending its maturity to May 18, 2025. As discussed below on June 30, 2023, $500.0 million under the PNMR 2021 Delayed Draw Term Loan was prepaid, without penalty, with proceeds from the PNMR 2023 Term Loan. Draws on the PNMR 2021 Delayed-Draw Term Loan bear interest at a variable rate, which was 6.43% at December 31, 2023. On March 2, 2022, PNMR filed a shelf registration that provides for the issuance of various types of debt and equity securities. The PNMR shelf registration statement expires in March 2025. On November 10, 2022, PNMR entered into a distribution agreement with BofA Securities, Inc., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC, as sales agents and Bank of America, N.A., MUFG Securities EMEA plc and Wells Fargo Bank, N.A., as forward purchasers, pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $200.0 million of its common stock, no par value, through the sales agents (the “PNMR 2022 ATM Program”). Sales of the shares made pursuant to the distribution agreement may be made in “at the market offerings” as defined in Rule 415 of the Securities Act. PNMR did not initially receive any proceeds upon the execution of this agreement. Throughout 2023, PNMR entered into forward sale agreements with the forward purchasers listed below, for the sale of shares of PNMR common stock. On December 15, 2023, PNMR physically settled the forward purchases under the PNMR 2022 ATM Program and used the proceeds to repay borrowings under the PNMR Revolving Credit Facility and for other corporate purposes. Gross cash proceeds shown below were reduced by $1.0 million in issuance costs resulting in net cash proceeds of $198.2 million.
Forward completion |  | Initial forward price |  |  |  | Shares |  | Settlement price |  | Settlement amount
|  |  |  |  |  |  |  |  |  | (in thousands)
March 15, 2023 |  | $ | 48.49 |  |  |  |  | 504,452 |  |  | $ | 49.00 |  |  | $ | 24,720 |
March 20, 2023 |  | 48.30 |  |  |  |  | 528,082 |  |  | 48.78 |  |  | 25,758
May 30, 2023 |  | 47.56 |  |  |  |  | 244,639 |  |  | 47.99 |  |  | 11,741
June 30, 2023 |  | 44.87 |  |  |  |  | 804,477 |  |  | 45.07 |  |  | 36,257
September 26, 2023 |  | 44.03 |  |  |  |  | 2,283,860 |  |  | 44.11 |  |  | 100,734
|  |  |  |  |  | 4,365,510 |  |  |  |  | $ | 199,210 |
On June 30, 2023, PNMR entered into a $500.0 million term loan agreement (the “PNMR 2023 Term Loan”) among PNMR, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent. The PNMR 2023 Term Loan matures on June 30, 2026 and bears interest at a variable rate, which was 6.83% at December 31, 2023. The proceeds were used to prepay an equal amount of the PNMR 2021 Delayed Draw Term Loan, without penalty. PNM At December 31, 2020, PNM had a $40.0 million outstanding under the PNM 2019 $40.0 million Term Loan. On June 18, 2021, the PNM 2019 $40.0 million Term Loan was repaid using proceeds from the PNM 2021 Term Loan discussed below. At December 31, 2020, PNM had $100.3 million outstanding under the PNM Floating Rate PCRBs. 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, 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. On June 18, 2021, PNM entered into a $75.0 million term loan agreement (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. On August 5, 2022, the PNM 2021 Term Loan was prepaid without penalty with proceeds from the PNM 2022 Delayed-Draw Term Loan discussed below. On July 14, 2021, PNM entered into an agreement (the “PNM 2021 Note Purchase Agreement”) with institutional investors for the sale and issuance of $160.0 million aggregate principal amount of SUNs (the “PNM 2021 SUNs”) offered in private placement transactions. 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 the $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. 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 an agreement (the “PNM September 2021 Note Purchase Agreement”) with institutional investors for the sale and issuance of $150.0 million aggregate principal amount of SUNs (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. 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, 2021, PNM had $104.5 million PCRBs outstanding with a mandatory remarketing date of June 1, 2022, consisting of $36.0 million at 1.05% issued by the Maricopa County, Arizona Pollution Control Corporation with a final maturity of January 2038; $37.0 million at 2.125% issued by the City of Farmington, New Mexico with a final maturity of June 2040; $11.5 million at 1.20% issued by the City of Farmington, New Mexico with a final maturity of June 2040; and $20.0 million at 2.45% issued by the City of Farmington, New Mexico with a final maturity of September 2042. On June 1, 2022, PNM remarketed to new investors the $36.0 million and $37.0 million series in the tax-exempt market at 3.00% with a mandatory remarketing date of June 1, 2024. PNM purchased and redeemed the remaining two series of PCRBs, totaling $31.5 million, on June 1, 2022. On August 5, 2022, PNM entered into a $225.0 million delayed-draw term loan agreement (the “PNM 2022 Delayed-Draw Term Loan”), among PNM, the lender parties thereto, and Royal Bank of Canada, as administrative agent. PNM initially drew $180.0 million to prepay, without penalty, the $75.0 million PNM 2021 Term Loan ahead of its December 2022 maturity and for other corporate purposes. On September 30, 2022, PNM drew the remaining $45.0 million and used the proceeds for general corporate purposes. On November 15, 2023, upon receipts of funds from the sale of energy transition property to ETBC I discussed below, PNM prepaid the $225.0 million outstanding under the PNM 2022 Delayed-Draw Term Loan, without penalty. At December 31, 2022, PNM had $130.0 million of 1.10% PCRBs outstanding with a mandatory remarketing date of June 1, 2023, issued by the City of Farmington, New Mexico with a final maturity of June 2040. On June 1, 2023, PNM remarketed the $130.0 million to new investors at 3.90% with a mandatory tender date of June 1, 2028. At December 31, 2022, PNM had $55.0 million aggregate principal amount of its 3.15% SUNs outstanding due May 2023. On May 15, 2023, PNM repaid the $55.0 million 3.15% SUNs. On April 28, 2023, PNM entered into an agreement (the “PNM 2023 Note Purchase Agreement”) with institutional investors for the sale and issuance of $200.0 million aggregate principal amount of two series of SUNs (the “PNM 2023 SUNs”) offered in private placement transactions. The PNM 2023 SUNs were issued on April 28, 2023. PNM issued $150.0 million of the PNM 2023 SUNs at 5.51%, due April 28, 2035, and another $50.0 million at 5.92%, due April 28, 2053. Proceeds from the PNM 2023 SUNs were used to repay borrowings under the PNM Revolving Credit Facility and the PNM New Mexico Credit Facility, for funding of capital expenditures, and for general corporate purposes. The PNM 2023 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 2023 SUNs at par. PNM has the right to redeem any or all of the PNM 2023 SUNs prior to their maturities, subject to payment of a customary make-whole premium. ETBC I On November 15, 2023, ETBC I issued $343.2 million aggregate principal amount of its senior secured energy transition bonds, Series A (“Securitized Bonds”) in two tranches. The first tranche of $175.0 million aggregate principal amount was issued at an interest rate of 5.64% with an expected final payment due in August 2040. The second tranche of $168.2 million aggregate principal amount was issued at an interest rate of 6.03% with an expected final payment due in August 2048. Each tranche is subject to fixed, scheduled, semi-annual payments of principal and interest beginning on August 15, 2024 with $2.5 million included as Current installments of long-term debt on the Consolidated Balance Sheets at December 31, 2023. The Securitized Bonds were offered pursuant to a prospectus dated November 7, 2023 and are governed by an indenture between ETBC I and U.S. Bank Trust Company, National Association, as indenture trustee dated as of November 15, 2023. ETBC I used the proceeds from the issuance of the Securitized Bonds to purchase energy transition property (Note 16) from PNM. See Note 10. TNMP On July 14, 2021, TNMP entered into an agreement (the “TNMP 2021 Bond Purchase Agreement”) with institutional investors for the sale of $65.0 million aggregate principal amount of TNMP first mortgage bonds (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. 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. On April 27, 2022, TNMP entered into an agreement (the “TNMP 2022 Bond Purchase Agreement”) with institutional investors for the sale of $160.0 million aggregate principal amount of two series of TNMP first mortgage bonds (the “TNMP 2022 Bonds”) offered in private placement transactions. TNMP issued the first series of $65.0 million of the TNMP 2022 Bonds on May 12, 2022, at a 4.13% interest rate, due May 12, 2052, and the second series of $95.0 million of the TNMP 2022 Bonds on July 28, 2022, at a 3.81% interest rate, due July 28, 2032. The proceeds were used to repay borrowings under the TNMP Revolving Credit Facility and for other corporate purposes. The TNMP 2022 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indenture governing the TNMP 2022 Bonds. The terms of the supplemental indentures governing the TNMP 2022 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 2022 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2022 Bonds prior to their maturity, subject to payment of a customary make-whole premium. On April 28, 2023, TNMP entered into an agreement (the “TNMP 2023 Bond Purchase Agreement”) with institutional investors for the sale of $185.0 million aggregate principal amount of two series of TNMP first mortgage bonds (the “TNMP 2023 Bonds”) offered in private placement transactions. TNMP issued the first series of $130.0 million on April 28, 2023, at a 5.01% interest rate, due April 28, 2033. The second series of $55.0 million was issued on July 28, 2023, at a 5.47% interest rate, due July 28, 2053. The proceeds were used to repay borrowings under the TNMP Revolving Credit Facility, for funding of capital expenditures, and for other corporate purposes. The TNMP 2023 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indentures governing the TNMP 2023 Bonds. The terms of the supplemental indentures governing the TNMP 2023 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 2023 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2023 Bonds prior to their maturity, subject to payment of a customary make-whole premium. Interest Rate Hedging Activities PNMR has entered into hedging agreements that establish a fixed rate for the indicated amount of variable rate debt, above which a customary spread is applied, which is subject to change if there is a change in PNMR’s credit rating. During the years ended December 31, 2022 and 2023, PNMR’s hedging agreements were as follows:
|  |  |  | Variable Rate |  | Established
Effective Date |  | Maturity Date |  | Debt Hedged |  | Fixed Rate
|  |  |  | (In millions) |  | (Percent)
March 17, 2023 |  | September 30, 2023 |  | $ | 150.0 |  |  | 4.57 | %
October 31, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 4.65 |
October 31, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 4.66 |
September 30, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 4.17 |
September 30, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 4.18 |
May 20, 2022 |  | December 31, 2023 |  | 100.0 |  |  | 2.52 |
May 2, 2022 |  | December 31, 2023 |  | 150.0 |  |  | 2.65 |
May 2, 2022 |  | December 31, 2023 |  | 200.0 |  |  | 2.65 |
January 1, 2024 |  | December 31, 2024 |  | 100.0 |  |  | 3.32 |
January 1, 2024 |  | December 31, 2024 |  | 100.0 |  |  | 3.32 |
January 1, 2024 |  | December 31, 2024 |  | 100.0 |  |  | 3.38 |
January 1, 2024 |  | December 31, 2024 |  | 150.0 |  |  | 3.62 |
January 1, 2024 |  | December 31, 2024 |  | 150.0 |  |  | 3.57 |
January 1, 2025 |  | December 31, 2025 |  | 100.0 |  |  | 4.18 |
January 1, 2025 |  | December 31, 2025 |  | 100.0 |  |  | 4.18 |
January 1, 2025 |  | December 31, 2025 |  | 100.0 |  |  | 3.99 |
These hedge agreements are accounted for as cash flow hedges. The fair value of the active hedge agreements is presented as a gain of $7.2 million included in Other current assets and a loss of $2.3 million included in Other deferred credits on the Consolidated Balance Sheets at December 31, 2023. At December 31, 2022, the fair value of the active hedge agreements was $11.1 million that was included in Other current assets on the Consolidated Balance Sheets. Fair values are determined using Level 2 inputs under GAAP, including using forward SOFR curves under the mid-market convention to discount cash flows over the remaining term of the agreements. 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, 2023 and 2022. PNMR Development had $2.3 million and zero in short-term borrowings outstanding from PNMR at December 31, 2023 and 2022. PNMR had zero and $5.3 million in short-term borrowings outstanding from PNMR Development at December 31, 2023 and 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. On May 20, 2022, both PNMR and PNM extended the facilities to October 31, 2024, with two one-year extension options that, if exercised, would extend the maturity through October 2026, subject to approval by a majority of the lenders. On January 26, 2023, PNMR and PNM exercised one of the one-year extension options in their respective agreements, extending their maturities through October 2025; provided that, effective November 1, 2024, the capacity of the PNMR Revolving Credit Facility will adjust to $285.0 million and the PNM Revolving Credit Facility will adjust to $380.0 million because one lender in each facility did not agree to the one-year extension through October 2025. On December 8, 2023, PNMR and PNM exercised the second one-year extension options in their respective agreements, extending their maturities through October 2026. Also on May 20, 2022, the $40.0 million PNM New Mexico Credit Facility was extended to May 20, 2026. On March 11, 2022, the TNMP Revolving Credit Facility, with a capacity of $75.0 million and secured by $75.0 million aggregate principal amount of TNMP first mortgage bonds, was amended to extend the maturity to September 23, 2024, with two one-year extension options that, if exercised, would extend the maturity to September 23, 2026, subject to approval by a majority of the lenders. The amended TNMP Revolving Credit Facility also contained an accordion feature that would allow TNMP to increase the size of the revolver from $75.0 million to $100.0 million, subject to certain conditions. On May 13, 2022, TNMP exercised the accordion feature and increased the capacity of the TNMP Revolving Credit Facility to $100.0 million, secured by $100.0 million aggregate principal amount of TNMP first mortgage bonds. On January 26, 2023, TNMP exercised one of the one-year extension options on its credit facility, which extended the maturity to September 23, 2025 and on December 8, 2023 the second extension option was exercised which extended the maturity to September 23, 2026. Variable interest rates under the PNMR, PNM, and TNMP revolving credit facilities are based on SOFR. Gross borrowings and (repayments) associated with the Revolving Credit Facilities consist of:
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
|  | Borrowings |  | Repayments |  | Borrowings |  | Repayments |  | Borrowings |  | Repayments
PNM: |  | (In thousands)
PNM Revolving Credit Facility |  | $ | 1,064,300 |  |  | $ | (1,102,700) |  |  | $ | 604,000 |  |  | $ | (472,400) |  |  | $ | 216,600 |  |  | $ | (209,200) |
PNM New Mexico Credit Facility |  | 70,000 |  |  | (80,000) |  |  | 86,900 |  |  | (40,000) |  |  | 40,000 |  |  | (50,000) |
|  | 1,134,300 |  |  | (1,182,700) |  |  | 690,900 |  |  | (512,400) |  |  | 256,600 |  |  | (259,200) |
TNMP Revolving Credit Facility |  | 407,600 |  |  | (389,200) |  |  | 480,500 |  |  | (444,200) |  |  | 233,400 |  |  | (233,000) |
PNMR: |  |  |  |  |  |  |  |  |  |  |  |
PNMR Revolving Credit Facility |  | 837,200 |  |  | (777,300) |  |  | 612,000 |  |  | (657,500) |  |  | 719,600 |  |  | (676,700) |
PNMR Development Revolving Credit Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,000 |  |  | (40,000) |
|  | 837,200 |  |  | (777,300) |  |  | 612,000 |  |  | (657,500) |  |  | 749,600 |  |  | (716,700) |
|  | $ | 2,379,100 |  |  | $ | (2,349,200) |  |  | $ | 1,783,400 |  |  | $ | (1,614,100) |  |  | $ | 1,239,600 |  |  | $ | (1,208,900) |
Short-term debt outstanding consists of:
|  | December 31,
Short-term Debt |  | 2023 |  | 2022
|  | (In thousands)
PNM: |  |  |  |
PNM Revolving Credit Facility |  | $ | 107,500 |  |  | $ | 145,900 |
PNM New Mexico Credit Facility |  | 30,000 |  |  | 40,000 |
|  | 137,500 |  |  | 185,900 |
TNMP Revolving Credit Facility |  | 55,100 |  |  | 36,700 |
PNMR: |  |  |  |
PNMR Revolving Credit Facility |  | 69,300 |  |  | 9,400 |
|  | $ | 261,900 |  |  | $ | 232,000 |
In addition to the above borrowings, PNMR, PNM, and TNMP had letters of credit outstanding of $3.1 million, zero, and zero at December 31, 2023, that reduce the available capacity under their respective revolving credit facilities. PNMR also has $30.3 million of letters of credit outstanding under the WFB LOC Facility. At December 31, 2023, interest rates on outstanding borrowings were 6.69% for the PNM Revolving Credit Facility, 6.71% for the PNM New Mexico Credit Facility, 6.32% for the TNMP Revolving Credit Facility, and 6.96% for the PNMR Revolving Credit Facility. Long-Term Debt Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows:
|  | December 31, 2023 |  | December 31, 2022
|  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net |  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net
|  | (In thousands)
PNM Debt |
ETBC I - Senior Secured Energy Transition Bonds |  |  |  |  |  |  |  |
Series A-1, 5.64% |  | $ | 175,000 |  |  | $ | 1,093 |  |  | $ | — |  |  | $ | — |
Series A-2, 6.03% |  | 168,200 |  |  | 1,057 |  |  | — |  |  | — |
Senior Unsecured Notes, Pollution Control Revenue Bonds: |  |  |  |  |  |  |  |
2.15% due April 2033 |  | 146,000 |  |  | 824 |  |  | 146,000 |  |  | 915 |
3.00% due June 2040, mandatory tender - June 1, 2024 |  | 37,000 |  |  | 88 |  |  | 37,000 |  |  | 296 |
0.875% mandatory tender - October 1, 2026 |  | 100,345 |  |  | 403 |  |  | 100,345 |  |  | 550 |
3.00% due January 2038, mandatory tender - June 1, 2024 |  | 36,000 |  |  | 87 |  |  | 36,000 |  |  | 288 |
1.10% due June 2040, mandatory tender - June 1, 2023 |  | — |  |  | — |  |  | 130,000 |  |  | 178 |
1.15% due June 2040, mandatory tender - June 1, 2024 |  | 125,000 |  |  | 132 |  |  | 125,000 |  |  | 383 |
3.90% due June 2040, mandatory tender - June 1, 2028 |  | 130,000 |  |  | 1,029 |  |  | — |  |  | — |
|  | December 31, 2023 |  | December 31, 2022
|  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net |  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net
|  | (In thousands)
PNM Debt (Continued) |
Senior Unsecured Notes: |  |  |  |  |  |  |  |
3.15% due May 2023 |  | — |  |  | — |  |  | 55,000 |  |  | 29 |
3.45% due May 2025 |  | 104,000 |  |  | 143 |  |  | 104,000 |  |  | 248 |
3.85% due August 2025 |  | 250,000 |  |  | 477 |  |  | 250,000 |  |  | 775 |
3.68% due May 2028 |  | 88,000 |  |  | 271 |  |  | 88,000 |  |  | 333 |
3.78% due August 2028 |  | 15,000 |  |  | 48 |  |  | 15,000 |  |  | 59 |
3.93% due May 2033 |  | 38,000 |  |  | 167 |  |  | 38,000 |  |  | 185 |
4.22% due May 2038 |  | 45,000 |  |  | 228 |  |  | 45,000 |  |  | 243 |
4.50% due May 2048 |  | 20,000 |  |  | 114 |  |  | 20,000 |  |  | 119 |
4.60% due August 2048 |  | 85,000 |  |  | 490 |  |  | 85,000 |  |  | 510 |
3.21% due April 2030 |  | 150,000 |  |  | 1,011 |  |  | 150,000 |  |  | 1,171 |
3.57% due April 2039 |  | 50,000 |  |  | 426 |  |  | 50,000 |  |  | 454 |
2.59% due July 2033 |  | 80,000 |  |  | 366 |  |  | 80,000 |  |  | 405 |
3.14% due July 2041 |  | 80,000 |  |  | 404 |  |  | 80,000 |  |  | 427 |
2.29% due December 2031 |  | 50,000 |  |  | 235 |  |  | 50,000 |  |  | 264 |
2.97% due December 2041 |  | 100,000 |  |  | 528 |  |  | 100,000 |  |  | 557 |
5.51% due April 2035 |  | 150,000 |  |  | 854 |  |  | — |  |  | — |
5.92% due April 2053 |  | 50,000 |  |  | 290 |  |  | — |  |  | — |
PNM 2022 $225.0 Million Term Loan due February 2024 |  | — |  |  | — |  |  | 225,000 |  |  | 56 |
|  | 2,272,545 |  |  | 10,765 |  |  | 2,009,345 |  |  | 8,445 |
Less current maturities |  | 200,529 |  |  | 307 |  |  | 185,000 |  |  | 207 |
|  | 2,072,016 |  |  | 10,458 |  |  | 1,824,345 |  |  | 8,238 |
TNMP Debt |  |  |  |  |  |  |  |
First Mortgage Bonds: |  |  |  |  |  |  |  |
6.95% due April 2043 |  | 93,198 |  |  | (13,771) |  |  | 93,198 |  |  | (14,488) |
4.03% due July 2024 |  | 80,000 |  |  | 53 |  |  | 80,000 |  |  | 158 |
3.53% due February 2026 |  | 60,000 |  |  | 174 |  |  | 60,000 |  |  | 256 |
3.22% due August 2027 |  | 60,000 |  |  | 209 |  |  | 60,000 |  |  | 266 |
3.85% due June 2028 |  | 60,000 |  |  | 281 |  |  | 60,000 |  |  | 344 |
3.79% due March 2034 |  | 75,000 |  |  | 385 |  |  | 75,000 |  |  | 422 |
3.92% due March 2039 |  | 75,000 |  |  | 429 |  |  | 75,000 |  |  | 457 |
4.06% due March 2044 |  | 75,000 |  |  | 456 |  |  | 75,000 |  |  | 479 |
3.60% due July 2029 |  | 80,000 |  |  | 330 |  |  | 80,000 |  |  | 391 |
2.73% due April 2030 |  | 85,000 |  |  | 530 |  |  | 85,000 |  |  | 616 |
3.36% due April 2050 |  | 25,000 |  |  | 218 |  |  | 25,000 |  |  | 226 |
2.93% due July 2035 |  | 25,000 |  |  | 191 |  |  | 25,000 |  |  | 208 |
3.36% due July 2050 |  | 50,000 |  |  | 441 |  |  | 50,000 |  |  | 457 |
2.44% due August 2035 |  | 65,000 |  |  | 418 |  |  | 65,000 |  |  | 454 |
4.13% due May 2052 |  | 65,000 |  |  | 424 |  |  | 65,000 |  |  | 439 |
3.81% due July 2032 |  | 95,000 |  |  | 572 |  |  | 95,000 |  |  | 638 |
5.01% due April 2033 |  | 130,000 |  |  | 682 |  |  | — |  |  | — |
5.47% due July 2053 |  | 55,000 |  |  | 296 |  |  | — |  |  | — |
|  | 1,253,198 |  |  | (7,682) |  |  | 1,068,198 |  |  | (8,677) |
Less current maturities |  | 80,000 |  |  | 53 |  |  | — |  |  | — |
|  | 1,173,198 |  |  | (7,735) |  |  | 1,068,198 |  |  | (8,677) |
|  | December 31, 2023 |  | December 31, 2022
|  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net |  | Principal |  | Unamortized Discounts, (Premiums), and Issuance Costs, net
|  | (In thousands)
PNMR Debt |  |  |  |  |  |  |  |
PNMR 2021 Delayed-Draw Term Loan due May 2025 |  | 500,000 |  |  | 114 |  |  | 1,000,000 |  |  | 388 |
PNMR 2023 Term Loan due June 2026 |  | 500,000 |  |  | 735 |  |  | — |  |  | — |
|  | 1,000,000 |  |  | 849 |  |  | 1,000,000 |  |  | 388 |
Less current maturities |  | — |  |  | — |  |  | — |  |  | — |
|  | 1,000,000 |  |  | 849 |  |  | 1,000,000 |  |  | 388 |
Total Consolidated PNMR Debt |  | 4,525,743 |  |  | 3,932 |  |  | 4,077,543 |  |  | 156 |
Less current maturities |  | 280,529 |  |  | 360 |  |  | 185,000 |  |  | 207 |
|  | $ | 4,245,214 |  |  | $ | 3,572 |  |  | $ | 3,892,543 |  |  | $ | (51) |
Reflecting mandatory tender dates, long-term debt maturities as of December 31, 2023, are follows:
| PNMR |  | PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
2024 | $ | — |  |  | $ | 200,529 |  |  | $ | 80,000 |  |  | $ | 280,529 |
2025 | 500,000 |  |  | 360,907 |  |  | — |  |  | 860,907 |
2026 | 500,000 |  |  | 107,648 |  |  | 60,000 |  |  | 667,648 |
2027 | — |  |  | 7,721 |  |  | 60,000 |  |  | 67,721 |
2028 | — |  |  | 241,162 |  |  | 60,000 |  |  | 301,162 |
Thereafter | — |  |  | 1,354,578 |  |  | 993,198 |  |  | 2,347,776 |
Total | $ | 1,000,000 |  |  | $ | 2,272,545 |  |  | $ | 1,253,198 |  |  | $ | 4,525,743 |

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