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CMS Energy enters $1.4B sustainability-linked loan

CMS Energy Corp. and its primary subsidiary, Consumers Energy Co., have secured what the companies described as the first syndicated sustainability-linked revolving credit facilities for a U.S. borrower.

The $1.4 billion credit facilities will allow CMS to reduce its interest rate by meeting environmental sustainability targets, specifically related to renewable energy generation, according to a June 6 news release.

CMS announced clean energy goals earlier this year that include zero coal-generated electricity, reducing carbon emissions by 80%, and meeting a 40% renewable energy target, all by 2040.

Barclays, J.P. Morgan, MUFG, Mizuho and Bank of America Merrill Lynch acted as joint lead arrangers for the facilities. Barclays acted as Sustainability Structuring Agent.