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Consumers Energy sells $75.6M of floating-rate bonds

Consumers Energy Co. sold $75.6 million of its floating-rate first mortgage bonds due Sept. 15, 2069.

The bonds will bear interest quarterly at a rate equal to three-month London interbank offered rate minus 0.30%. The interest rate will be reset quarterly on March 15, June 15, Sept. 15 and Dec. 15 of each year, starting Dec. 15. The issue was expected to be rated Aa3 by Moody's, A by S&P Global Ratings and A+ by Fitch Ratings, according to a Sept. 12 free writing prospectus.

The CMS Energy Corp. subsidiary plans to use net proceeds from the offering for general corporate purposes, including debt reduction, CapEx and working capital.

Morgan Stanley & Co. LLC, UBS Securities LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC and BofA Securities Inc. served as joint book-running managers.