CMS Energy receives tenders for $319.43 million of 7¾%, 8½% notes

By Jennifer Chiou

New York, July 22 - CMS Energy Inc. said it completed the cash tender offers for up to $330 million total of its $300 million of 7¾% senior notes due 2010 and $300.37 million of 8½% senior notes due 2011.

The offers expired at 11:59 p.m. ET on July 21. They began on June 23.

The company obtained tenders for $232,709,000 of the 7¾% notes and $86,722,000 of the 8½% notes. CMS had said it received early tenders for $232,439,000 of the 7¾% notes and $85,854,000 of the 8½% notes.

The cap had previously been lifted from $240 million.

The company will pay $1,050 for each $1,000 principal amount of its 7¾% notes and $1,037.50 for its 8½% notes, including a $30.00 premium for notes tendered by 5 p.m. ET on July 7, the early tender deadline.

CMS also will pay accrued interest to the settlement date, which is expected to be July 23.

The offers were conditioned on the receipt of tenders of at least $180 million principal amount of the 7¾% notes.

The notes are listed in order of acceptance priority.

Global Bondholder Services Corp. (866 470-4300 or collect 212 430-3774) was the information agent. Deutsche Bank Securities Inc. (866 627-0391 or collect 212 250-2955, liability management group) was the dealer manager.

CMS is an electric and gas utility based in Jackson, Mich.

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