CMS Energy announces $1.71 billion in early tender results

Chicago, May 17 – CMS Energy Corp. announced the early results of its cash tender offers for up to a $150 million total purchase price, excluding accrued interest, of seven series of outstanding notes issued by itself or Consumers Energy Co., according to a news release.

Noteholders tendered the followings amounts of the securities by the early deadline:

• $359,097,000 tendered of the $525 million outstanding 2.5% first mortgage bonds due 2060 issued by Consumers Energy (Cusip: 210518DJ2) for a price to be set using the 4% U.S. Treasury note due Nov. 15, 2052 plus 97 basis points;

• $206,852,000 tendered of the $300 million outstanding 2.65% first mortgage bonds due 2052 issued by Consumers Energy (Cusip: 210518DN3) for a price to be set using the 4% U.S. Treasury note due Nov. 15, 2052 plus 82 bps;

• $372,517,000 tendered of the $550 million outstanding 3.1% first mortgage bonds due 2050 issued by Consumers Energy (Cusip: 210518DF0) for a price to be set using the 4% U.S. Treasury note due Nov. 15, 2052 plus 103 bps;

• $207,885,000 tendered of the $450 million outstanding 3.25% first mortgage bonds due 2046 issued by Consumers Energy (Cusip: 210518CZ7) for a price to be set using the 3.875% U.S. Treasury note due Feb. 15, 2043 plus 101 bps;

• $24,466,000 tendered of the $250 million outstanding 4.7% senior notes due 2043 issued by CMS (Cusip: 125896BL3) for a price to be set using the 3.875% U.S. Treasury note due Feb. 15, 2043 plus 190 bps;

• $331,222,000 tendered of the $575 million outstanding 3.5% first mortgage bonds due 2051 issued by Consumers Energy (Cusip: 210518DH6) for a price to be set using the 4% U.S. Treasury note due Nov. 15, 2052 plus 108 bps; and

• $203.23 million tendered of the $300 million outstanding 3.75% first mortgage bonds due 2050 issued by Consumers Energy (Cusip: 210518DE3) for a price to be set using the 4% U.S. Treasury note due Nov. 15, 2052 plus 115 bps.

There is a $150 million series tender cap for the 2060 first mortgage bonds and a $25 million series cap for the 2043 notes.

Each total consideration includes a $30 early tender premium per $1,000 principal amount of notes that will be paid only to holders who tendered by the early deadline, 5 p.m. ET on May 16. Early settlement is expected on May 18.

Pricing will be set at 10 a.m. ET on May 17. A press release is expected after the market close on Thursday.

The offer will technically expire at 5 p.m. ET on June 1, with final settlement originally scheduled on June 5.

The company announced it does not expect to accept for purchase any notes tendered after the early deadline as the amount of notes tendered already exceeds the maximum purchase price.

Barclays Capital Inc. (212 528-7581 or 800 438-3242) and J.P. Morgan Securities LLC (212 834-4045 or 866 834-4666) are the dealer managers.

D.F. King & Co. Inc. (cms@dfking.com, 888 628-1041, 212 269-5550 or www.dfking.com/cms) is the information agent and tender agent.

CMS Energy is a Jackson, Mich.-based electric and natural gas utility company.

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