Financings (Tables)

9 Months Ended

Sep. 30, 2011

Summary of Major Long-term Debt transactions

	Principal					Issue/Retirement
	(In Millions)		Interest Rate			Date	Maturity Date
Debt Issuances
CMS Energy
Senior notes	$	250		2.75	%	May 2011	May 2014
Consumers
Tax-exempt bonds1		68	Variable			May 2011	April 2018
Tax-exempt bonds1		35	Variable			May 2011	April 2035
Total	$	353
Debt Retirements
CMS Energy
Senior notes	$	146		8.5	%	April 2011	April 2011
Consumers
Nuclear fuel disposal liability2		163	Variable			July 2011		—
Tax-exempt bonds1		68	Variable			May 2011	April 2018
Tax-exempt bonds1		35	Variable			May 2011	April 2035
Total	$	412

¹   In May 2011, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35 million of tax-exempt Michigan Strategic Fund Variable Rate Limited Obligation Revenue Bonds. The initial interest rate, which resets weekly, was 0.26 percent for the $68 million bond issuance and 0.28 percent for the $35 million bond issuance. The bonds, which are backed by letters of credit and collateralized by FMBs, are subject to optional tender by the holders that would result in remarketing. Consumers used the proceeds to redeem $103 million of tax-exempt bonds in May 2011.

²   In July 2011, Consumers settled its nuclear fuel disposal liability with the DOE. For additional details, see the "Consumers' Electric Utility Contingencies — Nuclear Matters" section in Note 3, Contingencies and Commitments.

Revolving Credit Facilities

In Millions
					Letters of Credit
Expiration Date	Amount of Facility		Amount Borrowed		Outstanding		Amount Available
CMS Energy
March 31, 20161	$	550	$	—	$	3	$	547
Consumers
March 31, 20162, 3	$	500	$	—	$	1	$	499
August 9, 20133		150		—		—		150
September 9, 20143,4		30		—		30		—

¹   On March 31, 2011, CMS Energy entered into a $550 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaces CMS Energy's revolving credit facility that was set to expire in 2012. Obligations under this facility are secured by Consumers common stock.

    CMS Energy's average borrowings during the nine months ended September 30, 2011 totaled $14 million, with a weighted-average annual interest rate of 2.22 percent, representing LIBOR plus 2.00 percent

²   On March 31, 2011, Consumers entered into a $500 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaces Consumers' revolving credit facility that was set to expire in 2012.

³   Obligations under this facility are secured by FMBs of Consumers.

⁴   Secured revolving letter of credit facility.

Contingently Convertible Securities

			Outstanding		Adjusted Conversion		Adjusted
Security	Maturity		(In Millions)		Price		Trigger Price
2.875% senior notes		2024	$	288	$	12.67	$	15.20
5.50% senior notes		2029		172		14.26		18.54

Conversions of Contingently Convertible Securities Details

3.375%contingently				Conversion Value				Cash Paid on
convertible senior		Principal Converted		per $1,000 of		Common Stock Issued		Settlement
notes due 2023	Conversion Date	(In Millions)		principal		on Settlement		(In Millions)
Voluntary conversion	January 2011	$	4	$	1,994.21		197,472	$	4

Consumers Energy Company [Member]

Summary of Major Long-term Debt transactions

	Principal					Issue/Retirement
	(In Millions)		Interest Rate			Date	Maturity Date
Debt Issuances
CMS Energy
Senior Notes	$	250		2.75	%	May 2011	May 2014
Consumers
Tax-exempt bonds1		68	Variable			May 2011	April 2018
Tax-exempt bonds1		35	Variable			May 2011	April 2035
Total	$	353
Debt Retirements
Consumers
Nuclear fuel disposal liability2	$	163	Variable			July 2011		—
Tax-exempt bonds1		68	Variable			May 2011	April 2018
Tax-exempt bonds1		35	Variable			May 2011	April 2035
Total	$	266

¹   In May 2011, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35 million of tax-exempt Michigan Strategic Fund Variable Rate Limited Obligation Revenue Bonds. The initial interest rate, which resets weekly, was 0.26 percent for the $68 million bond issuance and 0.28 percent for the $35 million bond issuance. The bonds, which are backed by letters of credit and collateralized by FMBs, are subject to optional tender by the holders that would result in remarketing. Consumers used the proceeds to redeem $103 million of tax-exempt bonds in May 2011.

²   In July 2011, Consumers settled its nuclear fuel disposal liability with the DOE. For additional details, see the "Consumers' Electric Utility Contingencies — Nuclear Matters" section in Note 3, Contingencies and Commitments.

Revolving Credit Facilities

In Millions
					Letters of Credit
Expiration Date	Amount of Facility		Amount Borrowed		Outstanding		Amount Available
CMS Energy
March 31, 20161	$	550	$	—	$	3	$	547
Consumers
March 31, 20162, 3	$	500	$	—	$	1	$	499
August 9, 20133		150		—		—		150
September 9, 20143		30		—		30		—

¹   On March 31, 2011, CMS Energy entered into a $550 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaces CMS Energy's revolving credit facility that was set to expire in 2012. Obligations under this facility are secured by Consumers common stock.

    CMS Energy's average borrowings during the nine months ended September 30, 2011 totaled $14 million, with a weighted-average annual interest rate of 2.22 percent, representing LIBOR plus 2.00 percent

²   On March 31, 2011, Consumers entered into a $500 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaces Consumers' revolving credit facility that was set to expire in 2012.

³   Obligations under this facility are secured by FMBs of Consumers.