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TXNM Energy (TXNM) down 1.3% post-market after saying it commenced an underwritten public offering of $400M common shares, pursuant to an effective shelf registration statement on Form S-3 that has been filed with the SEC.
The company said it plans to use the proceeds from the offering to repay borrowings under its $400M term loan agreement.
Wells Fargo is acting as the sole book-running manager for the offering.