TXNM opens convertible note conversion window at $44.37/share amid pending $61.25 Blackstone buyout

Filed March 31, 2026 · Period ending March 31, 2026 · ~1 min read

Key Changes

• high

  Convertible notes can be converted April 1-June 30, 2026 at $44.37/share, but holders receive illiquid non-convertible notes for principal plus stock for excess value—company warns these will likely trade below par given current 7% market rates vs. 5.75% coupon.

  Item 8.01 verify on EDGAR →
• high

  Pending Blackstone merger at $61.25/share (38% above conversion price) would trigger superior make-whole rights: noteholders could convert for all-cash at merger price (~$1,378 per $1,000 note) within 35 days of deal closing, avoiding illiquid securities.

  Item 8.01 verify on EDGAR →
• medium

  Conversion triggered because TXNM stock exceeded 130% of $44.37 conversion price for 20+ trading days in Q1 2026, opening quarterly window per indenture terms; conversion rate is 22.5382 shares per $1,000 principal.

  Item 8.01 verify on EDGAR →