Financings And Capitalization (Tables)

9 Months Ended

Sep. 30, 2014

Summary Of Major Long-Term Debt Transactions

	Principal					Issue/Retirement
	(In Millions)			Interest Rate		Date	Maturity Date
Debt issuances
CMS Energy
Senior notes1		$	250	3.875	%	February 2014	March 2024
Senior notes1			300	4.875		February 2014	March 2044
Total CMS Energy parent		$	550
Consumers
Securitization bonds2		$	124	1.334	%	July 2014	November 2020
Securitization bonds2			139	2.962		July 2014	November 2025
Securitization bonds2			115	3.528		July 2014	May 2029
FMBs			250	3.125		August 2014	August 2024
FMBs			250	4.350		August 2014	August 2064
Total Consumers		$	878
Total debt issuances		$	1,428
Debt retirements
CMS Energy
Senior notes3		$	125	6.875	%	April 2014	December 2015
Senior notes			155	5.500		June 2014	June 2029
Total CMS Energy parent		$	280
Consumers
FMBs		$	177	5.500	%	August 2014	August 2016
Total Consumers		$	177
Total debt retirements		$	457

¹ CMS Energy used a portion of these proceeds to retire its $125 million 6.875 percent senior notes due December 2015 and its $155 million 5.5 percent convertible senior notes due June 2029.  CMS Energy intends to use the remaining proceeds for general corporate purposes.

² These Securitization bonds are collateralized by certain regulatory assets held by Consumers 2014 Securitization Funding.  The bondholders have no recourse to Consumers’ other assets.  Through its rate structure, Consumers collects from its retail electric customers, with some exceptions, Securitization charges to cover the principal and interest on the bonds as well as certain other qualified costs.  The surcharges collected are remitted to a trustee and are not available to creditors of Consumers or creditors of Consumers’ affiliates other than Consumers 2014 Securitization Funding.  Consumers used the proceeds from the Securitization property to retire $177 million of its 5.5 percent FMBs due August 2016 and $178 million of its equity.  For additional details regarding the Securitization, see Note 2, Regulatory Matters.

³ CMS Energy retired this debt at a premium and recorded a loss on extinguishment of $13 million in other expense on its consolidated statements of income.

Revolving Credit Facilities

In Millions
							Letters of Credit
Expiration Date	Amount of Facility			Amount Borrowed			Outstanding			Amount Available
CMS Energy
December 20, 20181		$	550		$	-		$	2		$	548
Consumers
December 20, 20182		$	650		$	-		$	-		$	650
May 9, 20182			30			-			30			-

¹ Obligations under this facility are secured by Consumers common stock.

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

Conversions Of Contingently Convertible Securities

					Weighted-Average			Shares
		Principal			Conversion			of Common	Cash Paid on
	Conversion	Converted			Value per $1,000			Stock Issued	Settlement
	Date	(In Millions)			of Principal			on Settlement	(In Millions)
5.50% senior notes due 2029	February 2014		$	17		$	1,968	605,531		$	17
5.50% senior notes due 2029	June 2014			155			2,215	6,372,578			155

Issuance Of Stock

	Number of	Average			Proceeds
	Shares Issued	Price per Share			(In Millions)
March 2014	1,070,080		$	28.04		$	30

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 notes1		$	250	3.875	%	February 2014	March 2024
Senior notes1			300	4.875		February 2014	March 2044
Total CMS Energy parent		$	550
Consumers
Securitization bonds2		$	124	1.334	%	July 2014	November 2020
Securitization bonds2			139	2.962		July 2014	November 2025
Securitization bonds2			115	3.528		July 2014	May 2029
FMBs			250	3.125		August 2014	August 2024
FMBs			250	4.350		August 2014	August 2064
Total Consumers		$	878
Total debt issuances		$	1,428
Debt retirements
CMS Energy
Senior notes3		$	125	6.875	%	April 2014	December 2015
Senior notes			155	5.500		June 2014	June 2029
Total CMS Energy parent		$	280
Consumers
FMBs		$	177	5.500	%	August 2014	August 2016
Total Consumers		$	177
Total debt retirements		$	457

¹ CMS Energy used a portion of these proceeds to retire its $125 million 6.875 percent senior notes due December 2015 and its $155 million 5.5 percent convertible senior notes due June 2029.  CMS Energy intends to use the remaining proceeds for general corporate purposes.

² These Securitization bonds are collateralized by certain regulatory assets held by Consumers 2014 Securitization Funding.  The bondholders have no recourse to Consumers’ other assets.  Through its rate structure, Consumers collects from its retail electric customers, with some exceptions, Securitization charges to cover the principal and interest on the bonds as well as certain other qualified costs.  The surcharges collected are remitted to a trustee and are not available to creditors of Consumers or creditors of Consumers’ affiliates other than Consumers 2014 Securitization Funding.  Consumers used the proceeds from the Securitization property to retire $177 million of its 5.5 percent FMBs due August 2016 and $178 million of its equity.  For additional details regarding the Securitization, see Note 2, Regulatory Matters.

³ CMS Energy retired this debt at a premium and recorded a loss on extinguishment of $13 million in other expense on its consolidated statements of income.

Revolving Credit Facilities

In Millions
							Letters of Credit
Expiration Date	Amount of Facility			Amount Borrowed			Outstanding			Amount Available
CMS Energy
December 20, 20181		$	550		$	-		$	2		$	548
Consumers
December 20, 20182		$	650		$	-		$	-		$	650
May 9, 20182			30			-			30			-

¹ Obligations under this facility are secured by Consumers common stock.

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