---
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"
generated_at: "2026-05-17T00:06:11.364128+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# CMS Energy closes $1B convertible note offering at 3.125%, conversion premium 25%

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.03, 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-107549
- JSON: https://secwatch.observer/filing/0001104659-25-107549.json
- Plain text: https://secwatch.observer/filing/0001104659-25-107549.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/811156/000110465925107549/0001104659-25-107549-index.htm

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