CMS Energy launches tender for any and all 7½% notes

By Jennifer Chiou

New York, June 5 - CMS Energy Corp. announced the start of a cash tender offer for any and all of its $409 million of 7½% senior notes due 2009.

For each $1,000 principal amount, the Jackson, Mich., energy company said it will determine its payout using the present value on July 3, the settlement date, of each $1,000 principal amount and all scheduled interest payments from the settlement date up to and including the maturity date, discounted using the bid-side yield on the 3.25% Treasury due Jan. 15, 2009 and 50 basis points, minus accrued interest up to the settlement date.

Those who tender by the early deadline of 5 p.m. ET on June 18 will receive the early payout of $20.00 per $1,000 principal amount of notes, which will be included in the consideration.

The offer ends at 11:59 p.m. ET on July 2.

It is conditioned on sufficient funding.

Morrow & Co., Inc. is the information agent (800 607-0088 or call collect 203 658-9400). Deutsche Bank Securities Inc. is the dealer manager (866 627-0391 or call collect 212 250-2955).

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