Consumers Energy to use proceeds for partial paydown of $1 billion term loan

By Mary-Katherine Stinson

Lexington, Ky., Jan. 3 – Consumers Energy Co. will use proceeds from a new issue of first mortgage bonds to repay a portion of the $1 billion aggregate principal amount outstanding under the company’s term loan credit agreement entered into on July 22, 2022, according to a 424B5 filing with the Securities and Exchange Commission.

The term loan bears interest at SOFR plus 65 basis points, which corresponds to a weighted average interest rate of 4.975%, and matures on Jan. 22, 2024.

Consumers Energy is a Jackson, Mich.-based public electric and gas utility and a subsidiary of CMS Energy Corp.

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