CMS Energy Files Preliminary Prospectus for Junior Subordinated Notes due 2057
CMS ENERGY CORP
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Filing Summary
CMS Energy Corp (NYSE: CMS) filed a preliminary Form 424B5 prospectus supplement for an offering of Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057.\n\nKey Details:\n• Maturity Date: July 1, 2057\n• First Reset Date: July 1, 2032\n• Use of Proceeds: Repay $275M 2.95% Senior Notes due Feb 2027 and $350M 3.45% Senior Notes due Aug 2027, plus general corporate purposes\n• Underwriters: Deutsche Bank Securities, J.P. Morgan, Mizuho, Morgan Stanley, MUFG, Wells Fargo Securities, Citigroup, RBC Capital Markets
Comprehensive Analysis
Offering Overview
CMS Energy Corporation filed a preliminary prospectus supplement under Rule 424(b)(5) covering an offering of Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057.
Key Terms
- Issuer: CMS Energy Corporation
- Security: Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057
- Maturity: July 1, 2057
- Interest Payment Dates: Semi-annually on January 1 and July 1, starting July 1, 2027
- Reset Mechanism: Fixed rate until July 1, 2032; thereafter reset during each 5-year reset period based on the 5-Year Treasury Rate plus a spread, with a floor at the initial coupon rate
- Optional Deferral: Discretionary deferral up to 20 consecutive semi-annual periods
- Subordination: Unsecured, subordinated to senior indebtedness and effectively subordinated to all subsidiary liabilities
Use of Proceeds
Proceeds will be utilized to refinance existing debt ahead of maturity:
- $275 million 2.95% Senior Notes due February 2027
- $350 million 3.45% Senior Notes due August 2027
- Remainder for general corporate purposes
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