CMS Energy converts all outstanding 4.5% cumulative preferred shares

By Marisa Wong

Madison, Wis., Oct. 18 - CMS Energy said it converted all of its outstanding 4.5% cumulative convertible preferred stock, series B, on Sept. 30.

Holders of the preferreds received the conversion value of $104.22 for each share converted.

The conversion value equals the product of the conversion rate of 5.5791 shares of common stock per preferred times $18.68, the average of the closing sale prices of CMS Energy stock on each of the 10 trading days beginning on and including Oct. 4 and ending on and including Oct. 15.

The conversion value for each preferred will be paid in the form of $50 in cash and approximately 2.9 shares of CMS Energy stock. Cash will be paid in lieu of fractional shares.

Payment is expected to occur on Oct. 19.

CMS Energy is an electric and gas utility and power producer based in Jackson, Mich.

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