Financings and Capitalization (Tables)

9 Months Ended

Sep. 30, 2019

Financings: Presented in the following table is a summary of major long‑term debt transactions during the nine months ended September 30, 2019:



	Principal (In Millions)			Interest Rate		Issue/Retirement Date	Maturity Date
Debt issuances
CMS Energy, parent only
Term loan facility		$	300	variable		January 2019	December 2019
Junior subordinated notes¹		630		5.875	%	February 2019	March 2079
Term loan facility²		165		variable		June 2019	June 2020
Total CMS Energy, parent only		$	1,095
Consumers
First mortgage bonds		$	300	3.750	%	May 2019	February 2050
First mortgage bonds		550		3.100	%	September 2019	August 2050
First mortgage bonds³		76		variable		September 2019	September 2069
Total Consumers		$	926
Total CMS Energy		$	2,021
Debt retirements
CMS Energy, parent only
Term loan facility		$	300	variable		February 2019	December 2019
Term loan facility		180		variable		February 2019	April 2019
Term loan facility²		65		variable		August 2019	June 2020
Total CMS Energy, parent only		$	545
Consumers
First mortgage bonds		$	300	5.650	%	May 2019	April 2020
Total Consumers		$	300
Total CMS Energy		$	845


¹	These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.


²	At September 30, 2019, the weighted-average interest rate on the remaining balance of this term loan facility was 2.552 percent, based on a $95 million tranche bearing interest at a rate of one-month LIBOR plus 0.500 percent and a $5 million tranche bearing interest at a rate of one-week LIBOR plus 0.500 percent. In October 2019, CMS Energy repaid the $5 million tranche.

These floating rate first mortgage bonds bear interest quarterly at a rate of three-month LIBOR minus 0.300 percent (1.864 percent at September 30, 2019).

Revolving Credit Facilities

Revolving Credit Facilities: The following revolving credit facilities with banks were available at September 30, 2019:



In Millions
Expiration Date	Amount of Facility			Amount Borrowed			Letters of Credit Outstanding			Amount Available
CMS Energy, parent only
June 5, 2023		$	550		$	—		$	3		$	547
CMS Enterprises, including subsidiaries
September 30, 2025¹		$	18		$	—		$	8		$	10
Consumers²
June 5, 2023		$	850		$	—		$	7		$	843
November 23, 2020		250			—			25			225
April 18, 2022		30			—			30			—


¹	Under this facility, $8 million is available solely for the purpose of issuing letters of credit. Obligations under this facility are secured by the collateral accounts with the lending bank.


²	Obligations under these facilities are secured by first mortgage bonds of Consumers.

Schedule of Forward Contracts Indexed to Issuer's Equity

Presented in the following table are details of these contracts:



Contract Date	Maturity Date	Number of Shares	Initial Forward Price Per Share
November 16, 2018	May 16, 2020	2,017,783		$	49.06
November 20, 2018	May 20, 2020	777,899		50.91
February 21, 2019	August 21, 2020	2,083,340		52.27

Consumers Energy Company

Debt Instrument [Line Items]

Major Long-Term Debt Transactions

Financings: Presented in the following table is a summary of major long‑term debt transactions during the nine months ended September 30, 2019:



	Principal (In Millions)			Interest Rate		Issue/Retirement Date	Maturity Date
Debt issuances
CMS Energy, parent only
Term loan facility		$	300	variable		January 2019	December 2019
Junior subordinated notes¹		630		5.875	%	February 2019	March 2079
Term loan facility²		165		variable		June 2019	June 2020
Total CMS Energy, parent only		$	1,095
Consumers
First mortgage bonds		$	300	3.750	%	May 2019	February 2050
First mortgage bonds		550		3.100	%	September 2019	August 2050
First mortgage bonds³		76		variable		September 2019	September 2069
Total Consumers		$	926
Total CMS Energy		$	2,021
Debt retirements
CMS Energy, parent only
Term loan facility		$	300	variable		February 2019	December 2019
Term loan facility		180		variable		February 2019	April 2019
Term loan facility²		65		variable		August 2019	June 2020
Total CMS Energy, parent only		$	545
Consumers
First mortgage bonds		$	300	5.650	%	May 2019	April 2020
Total Consumers		$	300
Total CMS Energy		$	845


¹	These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.


²	At September 30, 2019, the weighted-average interest rate on the remaining balance of this term loan facility was 2.552 percent, based on a $95 million tranche bearing interest at a rate of one-month LIBOR plus 0.500 percent and a $5 million tranche bearing interest at a rate of one-week LIBOR plus 0.500 percent. In October 2019, CMS Energy repaid the $5 million tranche.

These floating rate first mortgage bonds bear interest quarterly at a rate of three-month LIBOR minus 0.300 percent (1.864 percent at September 30, 2019).

Revolving Credit Facilities

Revolving Credit Facilities: The following revolving credit facilities with banks were available at September 30, 2019:



In Millions
Expiration Date	Amount of Facility			Amount Borrowed			Letters of Credit Outstanding			Amount Available
CMS Energy, parent only
June 5, 2023		$	550		$	—		$	3		$	547
CMS Enterprises, including subsidiaries
September 30, 2025¹		$	18		$	—		$	8		$	10
Consumers²
June 5, 2023		$	850		$	—		$	7		$	843
November 23, 2020		250			—			25			225
April 18, 2022		30			—			30			—


¹	Under this facility, $8 million is available solely for the purpose of issuing letters of credit. Obligations under this facility are secured by the collateral accounts with the lending bank.


²	Obligations under these facilities are secured by first mortgage bonds of Consumers.