PNM Resources Announces Successful Remarketing of Tax-Exempt Bonds

ALBUQUERQUE, N.M.--(BUSINESS WIRE)--PNM Resources’ (NYSE: PNM) New Mexico utility, PNM, today announced the successful remarketing of $36 million of tax-exempt revenue bonds issued by the Maricopa County, Arizona Pollution Control Corporation.

The Pollution Control Revenue Refunding Bonds 2003 Series A, due 2038, will bear a fixed annual interest rate of 6.25 percent. The bonds, which carry the same bond ratings as PNM’s senior unsecured notes, initially were issued in May 2003 and have had a put bond structure that required remarketing in July 2009. PNM purchased the bonds with short-term debt rather than remarketing them at that time. The company held the bonds, waiting for credit market improvements. The proceeds of the remarketing will be used to repay a portion of PNM’s short-term debt.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. These securities have not been registered under the Securities Act of 1933.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2008 consolidated operating revenues from continuing and discontinued operations of $2.5 billion. Through its utility and energy subsidiaries, PNM Resources has more than 2,700 megawatts of generation resources and serves electricity to more than 884,000 homes and businesses in New Mexico and Texas. The company also has a 50-percent ownership of Optim Energy, which owns nearly 1,200 megawatts of generation resources. For more information, visit the company’s Web site at www.PNMResources.com.