CMS Energy prices $700M 3.375% convertible senior notes due 2028, upsized from $650M

CMS ENERGY CORP

Principal amount $700M (initial purchasers option up to additional $100M); closing May 5, 2023.
Net proceeds ~$688.4M (or ~$786.9M if option exercised); to redeem/repay existing consolidated indebtedness and general corporate purposes.
Conversion rate initially 13.5194 shares per $1,000 principal (~$73.97 conversion price), representing ~20% premium over May 1 close.
Notes mature May 1, 2028; interest 3.375% paid semi-annually; CMS can redeem after May 6, 2026 if stock price ≥130% of conversion price for 20 of 30 trading days.
Offered as private placement under Rule 144A; not registered under Securities Act.

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