{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-107549","form_type":"8-K","ticker":"CMS","cik":"0000811156","company_name":"CMS ENERGY CORP","filed_at":"2025-11-06T23:59:59+00:00","discovered_at":"2026-05-14T18:02:42.234047+00:00","generated_at":"2026-05-17T00:06:11.364128+00:00","sec_items":["2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"CMS Energy closes $1B convertible note offering at 3.125%, conversion premium 25%","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-107549","json":"https://secwatch.observer/filing/0001104659-25-107549.json","markdown":"https://secwatch.observer/filing/0001104659-25-107549.md","text":"https://secwatch.observer/filing/0001104659-25-107549.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/811156/000110465925107549/0001104659-25-107549-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/811156/000110465925107549/tm2530408d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T00:06:11.364128+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"ee2a2f11107ccf9000ecf29ab794f389f4f044aa","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/811156/000110465925107549/0001104659-25-107549-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$1,000,000,000 aggregate principal amount of 3.125% Convertible Senior Notes due 2031 (plus $150,000,000 from full exerc"},{"label":"Counterparty","value":"Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC"},{"label":"Rate","value":"3.125%"},{"label":"Maturity","value":"May 1, 2031"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}