Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No.: 333-150101


PNM RESOURCES, INC.
9.25% SENIOR NOTES, SERIES A DUE 2015



Issuer:
PNM Resources, Inc.

Ratings:
Ba2/BB- (Moody’s/S&P)

Aggregate Principal Amount of Remarketed Notes and Underwritten Notes:


$350,000,000

Security Type:
Senior Notes

Legal Format:
SEC Registered

Trade Date: 
May 9, 2008

Settlement Date:
May 16, 2008

Maturity Date:
May 15, 2015

Issue Price:
100.00% of principal amount

Coupon:
9.25%

Benchmark Treasury: 
4.125% due May 15, 2015

Benchmark Treasury Yield: 
3.77%

Spread to Benchmark Treasury:
588 basis points (5.88%)

Interest Payment Dates:
Semi-annually on May 15 and November 15, commencing on November 15, 2008

Redemption Provisions:
Not redeemable

Denominations:
$1,000 and integral multiples thereof


Underwriters (firm commitment):
 
Joint Bookrunners: 
Banc of America Securities LLC
Lehman Brothers Inc. 
Merrill Lynch, Pierce, Fenner & Smith 
                     Incorporated
Morgan Stanley & Co. Incorporated
Wachovia Capital Markets, LLC

Co-managers: 
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
J.P. Morgan Securities Inc.
RBC Capital Markets Corporation
Wedbush Morgan Securities Inc.

Qualified Independent Underwriter:
Deutsche Bank Securities Inc.


Remarketing Agents (reasonable efforts basis):
Banc of America Securities LLC
Lehman Brothers Inc. 
Merrill Lynch, Pierce, Fenner & Smith 
                     Incorporated
Morgan Stanley & Co. Incorporated
Wachovia Capital Markets, LLC
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
J.P. Morgan Securities Inc.
RBC Capital Markets Corporation
Wedbush Morgan Securities Inc.





The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering.  Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov.  Alternatively, you may obtain a copy of the prospectus from Banc of America Securities LLC by calling 1-800-294-1322 or from Lehman Brothers Inc. by calling 1-888-603-5847.


Note: a securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.