Convertibles Calendar: CMS Energy, FirstEnergy on tap

May 1

CMS ENERGY CORP.

• $650 million five-year convertible notes

• $100 million greenshoe

• Coupon of 2.875% to 3.375% and initial conversion premium of 20% to 25%

• Non-callable for three years and then subject to a 130% hurdle

• Rule 144A

• Barclays (lead left) and J.P. Morgan Securities LLC

• Proceeds to redeem, repurchase or repay existing debt and for general corporate purposes

• Jackson, Mich.-based electric and natural gas utility company

FIRSTENERGY CORP.

• $1 billion three-year convertible notes

• $150 million greenshoe

• Coupon of 3.5% to 4% and initial conversion premium of 20% to 25%

• Rule 144A

• Morgan Stanley & Co. LLC (lead left), Barclays and J.P. Morgan Securities LLC

• Proceeds to refinance existing debt, to fund its pension plan and for general corporate purposes

• Akron, Ohio-based electric utility company

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.