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Consumers Energy to sell first mortgage bonds via seven bookrunners
By William Gullotti
Buffalo, N.Y., Feb. 13 – Consumers Energy Co. plans to sell first mortgage bonds via seven bookrunners, according to a 424B5 filing with the Securities and Exchange Commission.
The bonds feature a make-whole call followed by a par call.
Barclays, BofA Securities, Inc., Mizuho Securities USA LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are the joint bookrunning managers for the offering. Comerica Securities, Inc. and Samuel A. Ramirez & Co., Inc. are listed as co-managers.
Bank of New York Mellon is the trustee.
The company will use in-house counsel and Sidley Austin LLP. Counsel to the underwriters is provided by Pillsbury Winthrop Shaw Pittman LLP.
Proceeds will be used to repay a portion of the $500 million aggregate principal amount outstanding under the company’s term loan dated as of July 22, 2022 and for general corporate purposes.
The $1 billion term loan bears interest at an annual interest rate of SOFR plus 65 basis points (a weighted average interest rate of 4.975%) and matures on Jan. 22, 2024.
Consumers Energy is a Jackson, Mich.-based public electric and gas utility and a subsidiary of CMS Energy Corp.
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