CMS Energy issues shares in exchange for $81.48 million 2.875% notes

By Marisa Wong

Madison, Wis., April 18 - CMS Energy Corp. issued a total of 2,866,976 shares of its common stock and paid $81,479,178 in cash in exchange for $81,479,000 principal amount of its 2.875% convertible senior notes due 2024, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The conversions were made in the period from April 4 through April 13.

Specifically, CMS did the following:

• Issued 129,751 common shares and paid $3,700,017 in cash on April 4 in exchange for $3.7 million of notes. These notes were tendered for conversion on March 16. The number of shares issued was based on the conversion value of $1,769.39 per $1,000 principal amount of notes;

• Issued 1,661,146 shares of its common stock and paid $47,202,077 in cash on April 5 in exchange for $47,202,000 of notes. These notes were tendered for conversion on March 19. The number of shares issued was based on the conversion value of $1,774.23 per $1,000 of notes;

• Issued 2,644 shares of its common stock and paid $75,036 in cash on April 9 in exchange for $75,000 of notes. These notes were tendered for conversion on March 20. The number of shares issued was based on the conversion value of $1,777.46 per $1,000 of notes; and

• Issued 1,073,435 shares of its common stock and paid $30,502,048 in cash on April 13 in exchange for $30,502,000 of notes, which were tendered for conversion on March 26. The number of shares issued was based on the conversion value of $1,774.23 per $1,000 of notes.

CMS Energy is a Jackson, Mich.-based energy company.

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