secwatch.observer — SEC 8-K summary
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Issuer:     CMS ENERGY CORP (CMS)
CIK:        0000811156
Form:       8-K
Filed at:   2023-05-05T23:59:59+00:00
Accession:  0001104659-23-056395
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CMS Energy issues $800M of 3.375% convertible notes due 2028; conversion premium 20%
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- Issued $800M aggregate principal of 3.375% Convertible Senior Notes due May 1, 2028, including $100M from full exercise of initial purchasers' option.
- Initial conversion rate: 13.5194 shares per $1,000 note, equivalent to ~$73.97 per share, a 20% premium over the May 1, 2023 closing price.
- Notes are senior unsecured, convertible into cash/stock at CMS's election, redeemable after May 6, 2026 if stock trades at 130%+ of conversion price for 20 of 30 days.
- Holders can require repurchase upon a fundamental change at 100% principal plus accrued interest.
- Maximum shares issuable upon conversion is 12,978,560, subject to anti-dilution; notes sold privately to QIBs under Rule 144A.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811156/000110465923056395/0001104659-23-056395-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811156/000110465923056395/tm2314786d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-056395

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