UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) May 29, 2003
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(May 27, 2003)
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Commission Name of Registrants, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
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333-32170 PNM Resources, Inc. 85-0468296
(A New Mexico Corporation)
Alvarado Square
Albuquerque, New Mexico 87158
(505) 241-2700
1-6986 Public Service Company of New Mexico 85-0019030
(A New Mexico Corporation)
Alvarado Square
Albuquerque, New Mexico 87158
(505) 241-2700
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(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
The following is a press release issued by the Company on May 27, 2003.
PNM Refinances $182 Million in Long-Term Debt
Albuquerque, N.M., May 27, 2003 -- PNM Resources (NYSE:PNM) utility subsidiary
PNM has completed the sale of three series of tax-exempt pollution control
revenue refunding bonds with a total combined face value of $182 million. The
bonds will pay an initial annual interest rate of 2.75 percent. That interest
rate is adjustable after approximately one year and periodically thereafter over
the life of the bonds.
The new bonds replace three existing series of pollution control bonds carrying
an interest rate of 6.375 to 6.40 percent.
"The lower interest rate on the new bonds will lower interest expense and
improve the exposure of our debt portfolio to short-term interest rates as we
had anticipated in our 2003 earnings guidance," said PNM Resources Senior Vice
President and Chief Financial Officer John Loyack. "Another benefit of the
refinancing is that we have extended the final maturity dates on tax-exempt debt
to 2033 and 2038, ensuring this efficient funding vehicle is available to PNM
well into the future."
PNM Resources is an energy holding company based in Albuquerque, New Mexico.
PNM, the principal subsidiary of PNM Resources, serves 452,162 average natural
gas customers and 392,529 average electric customers in New Mexico. The company
also sells power on the wholesale market in the Western U.S. PNM Resources stock
is traded primarily on the NYSE under the symbol PNM.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this filing that relate to future events are made pursuant to
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based upon current expectations and the company assumes no
obligation to update this information. Because actual results may differ
materially from expectations, the company cautions readers not to place undue
reliance on these statements. Future financial results will be affected by a
number of factors, including interest rates, weather, fuel costs, changes in
supply and demand in the market for electric power, wholesale power prices,
market liquidity, the competitive environment in the electric and natural gas
industries, the performance of generating units and transmission system, state
and federal regulatory and legislative decisions and actions, and the
performance of state, regional and national economies. For a detailed discussion
of the important factors affecting PNM Resources, please see "Management's
Discussion and Analysis of Financial Condition and Results of Operations" in the
Company's Form 10-K for the year ended December 31, 2002, Form 10-Q for the
quarter ended March 31, 2003 and Form 8-K filings with the Securities and
Exchange Commission.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNM RESOURCES, INC.
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(Registrant)
Date: May 29, 2003 /s/ Robin A. Lumney
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Robin A. Lumney
Vice President, Controller
and Chief Accounting Officer
(Officer duly authorized to sign this report)
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