---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-105878"
form_type: "8-K"
ticker: "CMS"
cik: "0000811156"
company_name: "CMS ENERGY CORP"
filed_at: "2025-11-04T23:59:59+00:00"
generated_at: "2026-05-17T00:46:36.126757+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# CMS Energy prices upsized $850M 3.125% convertible notes due 2031

## Summary
- Offering upsized from $750M to $850M; initial purchasers have option for additional $150M.
- Net proceeds ~$839.3M; $250M to retire 3.60% Senior Notes due Nov 15, 2025, remainder for corporate purposes.
- Conversion price ~$90.61/share (25% premium over Nov 3, 2025 closing); initial conversion rate 11.0360 shares per $1,000.
- Notes bear 3.125% interest, mature May 1, 2031; redeemable by CMS on/after May 7, 2029 if stock price condition met.
- Expected close Nov 6, 2025; private placement to QIBs under Rule 144A.

## SEC filing metadata
- accession: 0001104659-25-105878
- form_type: 8-K
- ticker: CMS
- cik: 0000811156
- company_name: CMS ENERGY CORP
- filed_at: 2025-11-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/811156/000110465925105878/0001104659-25-105878-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811156/000110465925105878/tm2529893d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-105878
- JSON: https://secwatch.observer/filing/0001104659-25-105878.json
- Plain text: https://secwatch.observer/filing/0001104659-25-105878.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.