CMS Energy Corp. sold $200 million of its 5.625% junior subordinated unsecured notes due March 15, 2078, to repay a portion of its $225 million outstanding term loan, according to March 5 company filings.
Interest on the notes is payable quarterly on March 15, June 15, Sept. 15 and Dec. 15 of each year, starting June 15. The notes were expected to be rated Baa2 by Moody's, BBB- by S&P Global Ratings and BB+ by Fitch Ratings.
Merrill Lynch Pierce Fenner & Smith Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC acted as joint book-running managers. Citigroup Global Markets Inc., Comerica Securities Inc., Fifth Third Securities Inc. and U.S. Bancorp Investments Inc. served as co-managers.
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