-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qw1wjLhFuDvwcwGQxIlCQFc347JE3ZuiGvUo/JLmgxOK14wEFdddzrhHYRc2Qcbb NjG+0Kiri8lPixfcJ8j0Bw== 0001181431-05-014533.txt : 20050304 0001181431-05-014533.hdr.sgml : 20050304 20050304161240 ACCESSION NUMBER: 0001181431-05-014533 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050228 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Other Events FILED AS OF DATE: 20050304 DATE AS OF CHANGE: 20050304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXAS NEW MEXICO POWER CO CENTRAL INDEX KEY: 0000022767 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 750204070 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-97230 FILM NUMBER: 05661479 BUSINESS ADDRESS: STREET 1: 4100 INTERNATIONAL PLZ STREET 2: PO BOX 2943 CITY: FORT WORTH STATE: TX ZIP: 76113 BUSINESS PHONE: 8177310099 MAIL ADDRESS: STREET 1: 4100 INTERNATIONAL PLAZA STREET 2: PO BOX 2943 CITY: FORT WORTH STATE: TX ZIP: 76113 FORMER COMPANY: FORMER CONFORMED NAME: COMMUNITY PUBLIC SERVICE CO DATE OF NAME CHANGE: 19810617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TNP ENTERPRISES INC CENTRAL INDEX KEY: 0000741612 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 751907501 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-89800 FILM NUMBER: 05661478 BUSINESS ADDRESS: STREET 1: PO BOX 2943 STREET 2: 4100 INTERNATIONAL PLAZA CITY: FT WORTH STATE: TX ZIP: 76113 BUSINESS PHONE: 8177310099 MAIL ADDRESS: STREET 1: 4100 INTERNATIONAL PLAZA STREET 2: PO BOX 2943 CITY: FORT WORTH STATE: TX ZIP: 76113 8-K 1 rrd71438.htm FORM 8-K Prepared By R.R. Donnelley Financial -- Form 8-K
 
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 Event Reported):  02/28/2005
 
Commission File
Number
Exact Name of Registrant as Specified in
Its Charter; State of Incorporation;
Address of Principal Executive Offices;
and Telephone Number
IRS Employer
Identification
Number
002-89800
TNP ENTERPRISES, INC.
TX
4100 International Plaza, P.O. Box 2943, Fort Worth, TX 76113
(817) 731-0099
75-1907501
002-97230
TEXAS NEW MEXICO POWER CO
TX
4100 International Plaza, P.O. Box 2943, Fort Worth, TX 76113
(817) 731-0099
75-0204070
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17CFR240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17CFR240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17CFR240.13e-4(c))
 

Items to be Included in this Report

 
Item 1.01.    Entry into a Material Definitive Agreement
 
On February 28, 2005, PNM Resources, Inc. ("PNMR") and Texas-New Mexico Power Company ("TNMP") reached an agreement (the "Stipulation") in New Mexico with the Staff of the Utility Division of the New Mexico Public Regulation Commission ("NMPRC"); the New Mexico Industrial Energy Consumers; and Patricia Madrid, the Attorney General of the State of New Mexico. The Stipulation is unopposed and was filed with the NMPRC on February 28.   If approved by the NMPRC, this agreement will settle all matters in the New Mexico regulatory proceedings relating to PNMR's acquisition of TNP Enterprises, Inc. ("TNP").

As part of the overall agreement, TNMP agreed to implement a three-phase rate reduction totaling 15 percent, beginning in January 2005 and ending in December 2010. The rate reduction will lower TNMP's New Mexico rates by $9.6 million in the first year.

The Stipulation also:

* allows TNMP an imputed 55/45 debt/equity structure with an assumed rate of return on equity of 10.5 percent;

* maintains Public Service Company of New Mexico, PNMR's principal subsidiary, as the power supplier for TNMP's New Mexico load through 2010;
* calls for the integration of TNMP's New Mexico assets into PNM effective January 1, 2007.   The companies will maintain separate rates through 2010.
* includes an agreement by TNMP and PNMR to maintain TNMP's current transmission and distribution construction centers, local offices and the current number of TNMP employees in New Mexico performing transmission and distribution field services for two years after the closing of the transaction, other than reductions through attrition, voluntary severance or early retirement.

The rate reductions and other agreements in the Stipulation, including agreements related to Public Service of New Mexico's operations and rates, are contingent on the completion of PNMR's acquis ition of TNP.

The proposed acquisition also needs approval from federal officials, including the Securities and Exchange Commission and the Federal Energy Regulatory Commission ("FERC"), and a finding that the acquisition is in the public interest from the Public Utility Commission of Texas ("PUCT"). As reported in a Form 8-K filed on February 8, 2005, an agreement has been reached with respect to the regulatory proceedings in Texas and a stipulation filed with the PUCT. PUCT consideration of the transaction is pending. As reported below, FERC has approved the acquisition.

 
 
Item 8.01.    Other Events
 
On March 2, 2005, the Federal Energy Regulatory Commission approved PNMR's acquisition of TNP.

STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Statements made in this Report and documents we file with the SEC that relate to future events or our expectations, projections, estimates, intentions, goals, targets and strategies, are made pursuant to the Private Securities Litigation Reform Act of 1995. You are cautioned that all forward-looking statements are based upon current expectations and estimates and we assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by the forward-looking statements, we caution you not to place undue reliance on these statements. Many factors could cause actual results to differ, and will affect our future financial condition, cash flow and operating results. These factors include risks and uncertainties relating to the receipt of regulatory approvals of the proposed settlement. For a detailed discussion of the important factors that affect us and that could cause actual results to differ from those expressed or implied by our forward-looking statements, please see our current and future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed with the SEC.

 

 

Signature(s)
 
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 hereunto duly authorized.
 
      
 
TNP ENTERPRISES, INC.
 
 
Date: March 04, 2005.
     
By:
 
/s/    Theodore A. Babcock
               
Theodore A. Babcock
               
Chief Financial Officer
 
 
      
 
Texas-New Mexico Power Company
 
 
Date: March 04, 2005.
     
By:
 
/s/    Scott Forbes
               
Scott Forbes
               
Senior Vice President & Chief Financial Officer
 
 
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