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Article: Cascade to Invest $100 Million in PNM Resources Purchase of TNP Enterprises.
- Article from:
- Business Wire
- Article date:
- August 16, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ALBUQUERQUE, N.M. -- PNM Resources (NYSE:PNM) today announced that Cascade Investment LLC has agreed to invest $100 million in equity-linked securities to be issued by the company. The securities are a key element in the financing PNM Resources is assembling to fund its $1.024 billion purchase of TNP Enterprises.
"We highly value our relationship with Cascade Investment, and we appreciate their support for our acquisition of TNP," said PNM Resources Chairman, President and Chief Executive Officer Jeff Sterba. "Cascade has been a major PNM Resources shareholder for several years. As a long-term investor, Cascade is committed to our business and shares our vision ...