By Andrea Heisinger
New York, March 19 - CMS Energy Corp. sold $250 million of 4.7% 30-year senior notes (Baa3/BBB-/BB+) on Tuesday to yield Treasuries plus 160 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.441 to yield 4.735%. The notes have a make-whole call at Treasuries plus 25 bps to Sept. 30, 2042, with a par call after that date.
There is a change-of-control put at 101%.
BNP Paribas Securities Corp., BofA Merrill Lynch, J.P. Morgan Securities LLC and Mitsubishi UFJ Securities (USA) Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including, along with cash on hand, to pay off at or prior to maturity 2.75% senior notes due 2014 with $250 million outstanding.
The parent company of electric and gas utility subsidiaries is based in Jackson, Mich.
Issuer: | CMS Energy Corp.
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Issue: | Senior notes
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Amount: | $250 million
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Maturity: | March 31, 2043
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Bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc.
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Co-managers: | Comerica Securities Inc., U.S. Bancorp Investments Inc.
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Coupon: | 4.7%
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Price: | 99.441
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Yield: | 4.735%
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Spread: | Treasuries plus 160 bps
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Call: | Make-whole at Treasuries plus 25 bps to Sept. 30, 2042, par call after
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Change-of-control put: | 101%
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Trade date: | March 19
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Settlement date: | March 22
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Ratings: | Moody's: Baa3
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| Standard & Poor's: BBB-
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| Fitch: BB+
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