Financings And Capitalization (Tables)

9 Months Ended

Sep. 30, 2012

Summary Of Major Long-Term Debt Transactions



	Principal					Issue/Retirement
	(In Millions)			Interest Rate		Date	Maturity Date
Debt Issuances
CMS Energy
Senior notes		$	300	5.05	%	March 2012	March 2022
Term loan facility^1,2			180	variable		February 2012 and July 2012	December 2016
CMS Energy Total			480
Consumers
FMB			375	2.85	%	May 2012	May 2022
Term loan facility³			350	variable		June 2012	March 2013
Tax-exempt bonds⁴			68	variable		August 2012	April 2018
Tax-exempt bonds⁴			35	variable		August 2012	April 2035
Consumers Total			828
Total		$	1,308
Debt Retirements
CMS Energy
Contingently convertible senior notes⁵		$	226	2.88	%	January 2012 and April 2012	December 2024
Trust Preferred Securities			29	7.75	%	February 2012	July 2027
Senior notes			150	variable		July 2012	January 2013
CMS Energy Total			405
Consumers
FMB			300	5.00	%	February 2012	February 2012
FMB			375	5.38	%	May 2012	April 2013
Tax-exempt bonds⁴			68	variable		August 2012	April 2018
Tax-exempt bonds⁴			35	variable		August 2012	April 2035
Consumers Total			778
Total		$	1,183

¹	Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 2.5 percent.

²	CMS Energy used these proceeds to retire the 7.75 percent Trust Preferred Securities and floating-rate senior notes due January 2013.

³	In June 2012, Consumers entered into a short-term credit agreement permitting Consumers to borrow up to $375 million. Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 0.8 percent.

⁴

In August 2012, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35 million of tax-exempt Michigan Strategic Fund revenue bonds. The bonds, which are backed by letters of credit and collateralized by Consumers’ 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 August 2012.

⁵	CMS Energy’s contingently convertible notes. See the “Contingently Convertible Securities” section in this Note for further discussion of the conversions.

Revolving Credit Facilities



In Millions
							Letters of Credit
Expiration Date	Amount of Facility			Amount Borrowed			Outstanding			Amount Available
CMS Energy
March 31, 2016¹		$	550		$	-		$	2		$	548
Consumers
March 31, 2016²		$	500		$	-		$	2		$	498
April 18, 2017²			150			-			-			150
September 9, 2014²			30			-			30			-

¹	Obligations under this facility are secured by Consumers common stock. CMS Energy’s average borrowings during the nine months ended September 30, 2012 were $16 million, with a weighted-average annual interest rate of 2.26 percent, representing LIBOR plus 2.00 percent.

²	Obligations under this facility are secured by FMBs of Consumers.

Contingently Convertible Securities



		Outstanding			Adjusted			Adjusted
Security	Maturity	(In Millions)			Conversion Price			Trigger Price
5.50% senior notes	2029		$	172		$	13.94		$	18.12

Conversions Of Contingently Convertible Securities Details



					Conversion			Shares
		Principal			Value per			of Common	Cash Paid on
	Conversion	Converted			$1,000 of			Stock Issued	Settlement
	Date	(In Millions)			Principal			on Settlement	(In Millions)
2.875% senior notes due 2024	January 2012		$	73		$	1,738.99	2,464,138		$	73
	April 2012			153			1,774.98	5,381,349			153

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		$	300	5.05	%	March 2012	March 2022
Term loan facility^1,2			180	variable		February 2012 and July 2012	December 2016
CMS Energy Total			480
Consumers
FMB			375	2.85	%	May 2012	May 2022
Term loan facility³			350	variable		June 2012	March 2013
Tax-exempt bonds⁴			68	variable		August 2012	April 2018
Tax-exempt bonds⁴			35	variable		August 2012	April 2035
Consumers Total			828
Total		$	1,308
Debt Retirements
CMS Energy
Contingently convertible senior notes⁵		$	226	2.88	%	January 2012 and April 2012	December 2024
Trust Preferred Securities			29	7.75	%	February 2012	July 2027
Senior notes			150	variable		July 2012	January 2013
CMS Energy Total			405
Consumers
FMB			300	5.00	%	February 2012	February 2012
FMB			375	5.38	%	May 2012	April 2013
Tax-exempt bonds⁴			68	variable		August 2012	April 2018
Tax-exempt bonds⁴			35	variable		August 2012	April 2035
Consumers Total			778
Total		$	1,183

¹	Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 2.5 percent.

²	CMS Energy used these proceeds to retire the 7.75 percent Trust Preferred Securities and floating-rate senior notes due January 2013.

³	In June 2012, Consumers entered into a short-term credit agreement permitting Consumers to borrow up to $375 million. Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 0.8 percent.

⁴

⁵	CMS Energy’s contingently convertible notes. See the “Contingently Convertible Securities” section in this Note for further discussion of the conversions.

Revolving Credit Facilities



In Millions
							Letters of Credit
Expiration Date	Amount of Facility			Amount Borrowed			Outstanding			Amount Available
CMS Energy
March 31, 2016¹		$	550		$	-		$	2		$	548
Consumers
March 31, 2016²		$	500		$	-		$	2		$	498
April 18, 2017²			150			-			-			150
September 9, 2014²			30			-			30			-

¹	Obligations under this facility are secured by Consumers common stock. CMS Energy’s average borrowings during the nine months ended September 30, 2012 were $16 million, with a weighted-average annual interest rate of 2.26 percent, representing LIBOR plus 2.00 percent.

²	Obligations under this facility are secured by FMBs of Consumers.

- Definition

Tabular disclosure of information on an original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. The information may be presented entirely or partially in this block of text or in the associated elements.

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