CMS ENERGY CORP (CMS): debt financing — CMS Energy closes $1B convertible note offering at 3.125%, conversion premium 25%

CMS ENERGY CORP

Issued $1B aggregate principal of 3.125% Convertible Senior Notes due 2031 (including $150M from option exercise).
Initial conversion price ~$90.61 per share, a 25% premium over Nov 3 closing price of CMS common stock.
Notes convertible under certain conditions; CMS may redeem on/after May 7, 2029 if stock price >=130% of conversion price for 20/30 trading days.
Maximum dilutive shares upon conversion initially 13.795M; notes are senior unsecured, ranking equally with existing unsecured debt.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CMS ENERGY CORP incurred convertible notes of $1,000,000,000 aggregate principal amount of 3.125% Convertible Senior Notes due 2031 (plus $150,000,000 from full exerc with Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC at 3.125% maturing May 1, 2031.

Instrument: convertible notes
Principal: $1,000,000,000 aggregate principal amount of 3.125% Convertible Senior Notes due 2031 (plus $150,000,000 from full exerc
Counterparty: Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC
Rate: 3.125%
Maturity: May 1, 2031
Event: incurrence

Exact text from the filing

completed the sale of $1,000,000,000 aggregate principal amount of 3.125% Convertible Senior Notes due 2031 (the “Notes”), which included an additional $150,000,000 aggregate principal amount of Notes purchased pursuant to the full exercise of the option granted to the Initial Purchasers

View on SEC.gov

317 debt financings filed in the last 30 days. Browse all debt financings →

CMS ENERGY CORP filing history →

Source: SEC EDGAR

accession 0001104659-25-107549

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.