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CMS Energy Corporation ("CMS Energy") (NYSE:CMS) announced the pricing of its offering of $850 million aggregate principal amount of its 3.125% convertible senior notes due 2031 (the "convertible notes") in a private placement under the Securities Act of 1933, as amended (the "Securities Act"). CMS Energy also granted to the initial purchasers of the convertible notes an option to purchase, within a 13-day period from, and including, the date on which the convertible notes are first issued, up to an additional $150 million aggregate principal amount of the convertible notes. The sale of the convertible notes is expected to close on November 6, 2025, subject to customary closing conditions. The offering was upsized from the previously announced offering of $750 million aggregate principal amount of convertible notes.
CMS Energy expects that the net proceeds from the convertible notes will be approximately $839.3 million (or approximately $987.7 million if the initial purchasers exercise their option to purchase additional convertible notes in full), after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by CMS Energy. CMS Energy intends to use the net proceeds from the offering of the convertible notes to retire CMS Energy's 3.60% Senior Notes due 2025, which will mature on November 15, 2025, and which have an aggregate principal amount outstanding of $250 million as of the date hereof, and to use the remainder of the proceeds for general corporate purposes.
Posted In: CMS
