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Financings And Capitalization
12 Months Ended
Dec. 31, 2015
Financings And Capitalization

5:Financings and Capitalization

Presented in the following table is CMS Energy’s long-term debt at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

Interest Rate 
(%) 

 

Maturity 

2015  2014 

 

CMS Energy parent

 

 

 

 

 

 

 

 

 

 

Senior notes

6.550 

 

2017 

 

$

250 

 

$

250 

 

 

5.050 

 

2018 

 

 

250 

 

 

250 

 

 

8.750 

 

2019 

 

 

300 

 

 

300 

 

 

6.250 

 

2020 

 

 

300 

 

 

300 

 

 

5.050 

 

2022 

 

 

300 

 

 

300 

 

 

3.875 

 

2024 

 

 

250 

 

 

250 

 

 

3.600 

 

2025 

 

 

250 

 

 

 -

 

 

4.700 

 

2043 

 

 

250 

 

 

250 

 

 

4.875 

 

2044 

 

 

300 

 

 

300 

 

Total CMS Energy senior notes

 

 

 

 

$

2,450 

 

$

2,200 

 

Term loan facility

variable 

1

2017 

 

 

180 

 

 

180 

 

Total CMS Energy parent

 

 

 

 

$

2,630 

 

$

2,380 

 

Consumers

 

 

 

 

$

5,409 

 

$

5,283 

 

Other CMS Energy subsidiaries

 

 

 

 

 

 

 

 

 

 

EnerBank certificates of deposit

1.365 

2

2016-2025

 

$

1,098 

 

$

884 

 

Total other CMS Energy subsidiaries

 

 

 

 

$

1,098 

 

$

884 

 

Total CMS Energy principal amount outstanding

 

 

 

 

$

9,137 

 

$

8,547 

 

Current amounts

 

 

 

 

 

(684)

 

 

(519)

 

Net unamortized discounts

 

 

 

 

 

(12)

 

 

(12)

 

Total CMS Energy long-term debt

 

 

 

 

$

8,441 

 

$

8,016 

 

 

1

Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 0.85 percent (1.19 percent at December 31, 2015).

2

The weighted-average interest rate for EnerBank’s certificates of deposit was 1.36 percent at December 31, 2015 and 1.22 percent at December 31, 2014. EnerBank’s primary deposit product consists of brokered certificates of deposit with varying maturities and having a face value of $1,000.

Presented in the following table is Consumers’ long-term debt at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

Interest Rate 
(%) 

 

Maturity 

2015  2014 

 

Consumers

 

 

 

 

 

 

 

 

 

 

FMBs1

2.600 

 

2015 

 

$

 -

 

$

50 

 

 

5.500 

 

2016 

 

 

173 

 

 

173 

 

 

5.150 

 

2017 

 

 

250 

 

 

250 

 

 

3.210 

 

2017 

 

 

100 

 

 

100 

 

 

5.650 

 

2018 

 

 

250 

 

 

250 

 

 

6.125 

 

2019 

 

 

350 

 

 

350 

 

 

6.700 

 

2019 

 

 

500 

 

 

500 

 

 

5.650 

 

2020 

 

 

300 

 

 

300 

 

 

3.770 

 

2020 

 

 

100 

 

 

100 

 

 

5.300 

 

2022 

 

 

250 

 

 

250 

 

 

2.850 

 

2022 

 

 

375 

 

 

375 

 

 

3.375 

 

2023 

 

 

325 

 

 

325 

 

 

3.190 

 

2024 

 

 

52 

 

 

52 

 

 

3.125 

 

2024 

 

 

250 

 

 

250 

 

 

3.390 

 

2027 

 

 

35 

 

 

35 

 

 

5.800 

 

2035 

 

 

175 

 

 

175 

 

 

6.170 

 

2040 

 

 

50 

 

 

50 

 

 

4.970 

 

2040 

 

 

50 

 

 

50 

 

 

4.310 

 

2042 

 

 

263 

 

 

263 

 

 

3.950 

 

2043 

 

 

425 

 

 

425 

 

 

4.100 

 

2045 

 

 

250 

 

 

 -

 

 

4.350 

 

2064 

 

 

250 

 

 

250 

 

 

 

 

 

 

$

4,773 

 

$

4,573 

 

Securitization bonds

5.760 

 

2015 

 

 

 -

 

 

49 

 

 

2.689 

2

2020-2029 

3

 

353 

 

 

378 

 

 

 

 

 

 

$

353 

 

$

427 

 

Senior notes

6.875 

 

2018 

 

 

180 

 

 

180 

 

Tax-exempt pollution control revenue bonds

various

 

2018-2035 

 

 

103 

 

 

103 

 

Total Consumers principal amount outstanding

 

 

 

 

$

5,409 

 

$

5,283 

 

Current amounts

 

 

 

 

 

(198)

 

 

(124)

 

Net unamortized discounts

 

 

 

 

 

(5)

 

 

(5)

 

Total Consumers long-term debt

 

 

 

 

$

5,206 

 

$

5,154 

 

 

1

The weighted-average interest rate for Consumers’ FMBs was 4.73 percent at December 31, 2015 and 4.75 percent at December 31, 2014.

2

The weighted-average interest rate for Consumers’ Securitization bonds issued through its subsidiary Consumers 2014 Securitization Funding was 2.69 percent at December 31, 2015 and 2.60 percent at December 31, 2014.

3

Principal and interest payments are made semiannually.

Financings: Presented in the following table is a summary of major long-term debt transactions during the year ended December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal 

 

Issue/Retirement

 

 

 

(In Millions)

Interest Rate 

 

Date

Maturity Date 

 

Debt issuances

 

 

 

 

 

 

 

 

CMS Energy parent

 

 

 

 

 

 

 

 

Senior notes

 

$

250  3.600 

%

November 2015

November 2025

 

Total CMS Energy parent

 

$

250 

 

 

 

 

 

Consumers

 

 

 

 

 

 

 

 

FMBs

 

$

250  4.100 

%

November 2015

November 2045

 

Total Consumers

 

$

250 

 

 

 

 

 

Total CMS Energy

 

$

500 

 

 

 

 

 

Debt retirements

 

 

 

 

 

 

 

 

Consumers

 

 

 

 

 

 

 

 

FMBs

 

$

50  2.600 

%

October 2015

October 2015

 

Total Consumers

 

$

50 

 

 

 

 

 

Total CMS Energy

 

$

50 

 

 

 

 

 

 

FMBs: Consumers secures its FMBs by a mortgage and lien on substantially all of its property. Consumers’ ability to issue FMBs is restricted by certain provisions in the First Mortgage Bond Indenture and the need for regulatory approvals under federal law. Restrictive issuance provisions in the First Mortgage Bond Indenture include achieving a two-times interest coverage ratio and having sufficient unfunded net property additions.

Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. In June 2014, Consumers received authorization from FERC to have outstanding, at any one time, up to $800 million of secured and unsecured short-term securities for general corporate purposes. At December 31, 2015, Consumers had entered into short-term borrowing programs allowing it to issue up to $800 million in short-term securities; $249 million of securities were outstanding under these programs. FERC has also authorized Consumers to issue and sell up to $1.9 billion of secured and unsecured long-term securities for general corporate purposes. The remaining availability was $900 million at December 31, 2015. The authorizations were effective July 1, 2014 and terminate June 30, 2016. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements.

Securitization Bonds: Certain regulatory assets held by Consumers’ subsidiary, Consumers 2014 Securitization Funding, collateralize Consumers’ Securitization bonds. The bondholders have no recourse to Consumers’ assets except for those held by the subsidiary that issued the bonds. Consumers collects Securitization surcharges 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 the subsidiary that issued the bonds.

Debt Maturities: At December 31, 2015, the aggregate annual contractual maturities for long-term debt for the next five years were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

2016  2017  2018  2019  2020 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

684 

 

$

1,010 

 

$

911 

 

$

1,288 

 

$

801 

 

Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

198 

 

$

375 

 

$

523 

 

$

876 

 

$

426 

 

 

Revolving Credit Facilities: The following secured revolving credit facilities with banks were available at December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

Amount of 

Amount 

Letters of Credit 

Amount 

 

Expiration Date

Facility 

Borrowed 

Outstanding 

Available 

 

CMS Energy parent

 

 

 

 

 

 

 

 

 

 

 

 

 

May 27, 20201

 

$

550 

 

$

 -

 

$

 

$

549 

 

Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

May 27, 20202

 

$

650 

 

$

 -

 

$

 

$

641 

 

November 23, 20172,3

 

 

250 

 

 

 -

 

 

 -

 

 

250 

 

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.

3

In November 2015, Consumers entered into a new $250 million credit facility and terminated its $250 million accounts receivable sales program.

Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, commercial paper notes with maturities of up to 365 days and that bear interest at fixed or floating rates. These issuances are supported by Consumers’ $650 million revolving credit facility and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the revolver’s available capacity, Consumers would not issue commercial paper in an amount exceeding the available revolver capacity. At December 31, 2015,  $249 million of commercial paper notes with a weighted-average annual interest rate of 0.91 percent  was outstanding under this program.

Dividend Restrictions: At December 31, 2015, payment of dividends by CMS Energy on its common stock was limited to $3.9 billion under provisions of the Michigan Business Corporation Act of 1972.

Under the provisions of its articles of incorporation, at December 31, 2015, Consumers had $884 million of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that under a variety of circumstances dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.

For the year ended December 31, 2015, Consumers paid $474 million in dividends on its common stock to CMS Energy.

Capitalization: The authorized capital stock of CMS Energy consists of:

·

350 million shares of CMS Energy Common Stock, par value $0.01 per share

·

10 million shares of CMS Energy Preferred Stock, par value $0.01 per share

Issuance of Common Stock: In April 2015, CMS Energy entered into an updated continuous equity offering program permitting it to sell, from time to time in “at the market” offerings, common stock having an aggregate sales price of up to $100 million. In 2015, CMS Energy issued 888,610 shares of common stock at an average price of $33.76 per share, resulting in net proceeds of $30 million.

Preferred Stock of Subsidiary: Presented in the following table are details about Consumers’ preferred stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Optional 

Number of 

Balance 

 

 

 

 

 

Redemption 

Shares 

Outstanding 

 

 

Series 

Price 

Outstanding 

(In Millions)

 

December 31

 

 

 

 

 

 

 

2015  2014 

 

Cumulative, $100 par value, authorized
   7,500,000 shares, with no mandatory
   redemption

 

$

4.50 

 

$

110.00  373,148 

 

$

37 

 

$

37 

 

 

Consumers Energy Company [Member]  
Financings And Capitalization

5:Financings and Capitalization

Presented in the following table is CMS Energy’s long-term debt at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

Interest Rate 
(%) 

 

Maturity 

2015  2014 

 

CMS Energy parent

 

 

 

 

 

 

 

 

 

 

Senior notes

6.550 

 

2017 

 

$

250 

 

$

250 

 

 

5.050 

 

2018 

 

 

250 

 

 

250 

 

 

8.750 

 

2019 

 

 

300 

 

 

300 

 

 

6.250 

 

2020 

 

 

300 

 

 

300 

 

 

5.050 

 

2022 

 

 

300 

 

 

300 

 

 

3.875 

 

2024 

 

 

250 

 

 

250 

 

 

3.600 

 

2025 

 

 

250 

 

 

 -

 

 

4.700 

 

2043 

 

 

250 

 

 

250 

 

 

4.875 

 

2044 

 

 

300 

 

 

300 

 

Total CMS Energy senior notes

 

 

 

 

$

2,450 

 

$

2,200 

 

Term loan facility

variable 

1

2017 

 

 

180 

 

 

180 

 

Total CMS Energy parent

 

 

 

 

$

2,630 

 

$

2,380 

 

Consumers

 

 

 

 

$

5,409 

 

$

5,283 

 

Other CMS Energy subsidiaries

 

 

 

 

 

 

 

 

 

 

EnerBank certificates of deposit

1.365 

2

2016-2025

 

$

1,098 

 

$

884 

 

Total other CMS Energy subsidiaries

 

 

 

 

$

1,098 

 

$

884 

 

Total CMS Energy principal amount outstanding

 

 

 

 

$

9,137 

 

$

8,547 

 

Current amounts

 

 

 

 

 

(684)

 

 

(519)

 

Net unamortized discounts

 

 

 

 

 

(12)

 

 

(12)

 

Total CMS Energy long-term debt

 

 

 

 

$

8,441 

 

$

8,016 

 

 

1

Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 0.85 percent (1.19 percent at December 31, 2015).

2

The weighted-average interest rate for EnerBank’s certificates of deposit was 1.36 percent at December 31, 2015 and 1.22 percent at December 31, 2014. EnerBank’s primary deposit product consists of brokered certificates of deposit with varying maturities and having a face value of $1,000.

Presented in the following table is Consumers’ long-term debt at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

Interest Rate 
(%) 

 

Maturity 

2015  2014 

 

Consumers

 

 

 

 

 

 

 

 

 

 

FMBs1

2.600 

 

2015 

 

$

 -

 

$

50 

 

 

5.500 

 

2016 

 

 

173 

 

 

173 

 

 

5.150 

 

2017 

 

 

250 

 

 

250 

 

 

3.210 

 

2017 

 

 

100 

 

 

100 

 

 

5.650 

 

2018 

 

 

250 

 

 

250 

 

 

6.125 

 

2019 

 

 

350 

 

 

350 

 

 

6.700 

 

2019 

 

 

500 

 

 

500 

 

 

5.650 

 

2020 

 

 

300 

 

 

300 

 

 

3.770 

 

2020 

 

 

100 

 

 

100 

 

 

5.300 

 

2022 

 

 

250 

 

 

250 

 

 

2.850 

 

2022 

 

 

375 

 

 

375 

 

 

3.375 

 

2023 

 

 

325 

 

 

325 

 

 

3.190 

 

2024 

 

 

52 

 

 

52 

 

 

3.125 

 

2024 

 

 

250 

 

 

250 

 

 

3.390 

 

2027 

 

 

35 

 

 

35 

 

 

5.800 

 

2035 

 

 

175 

 

 

175 

 

 

6.170 

 

2040 

 

 

50 

 

 

50 

 

 

4.970 

 

2040 

 

 

50 

 

 

50 

 

 

4.310 

 

2042 

 

 

263 

 

 

263 

 

 

3.950 

 

2043 

 

 

425 

 

 

425 

 

 

4.100 

 

2045 

 

 

250 

 

 

 -

 

 

4.350 

 

2064 

 

 

250 

 

 

250 

 

 

 

 

 

 

$

4,773 

 

$

4,573 

 

Securitization bonds

5.760 

 

2015 

 

 

 -

 

 

49 

 

 

2.689 

2

2020-2029 

3

 

353 

 

 

378 

 

 

 

 

 

 

$

353 

 

$

427 

 

Senior notes

6.875 

 

2018 

 

 

180 

 

 

180 

 

Tax-exempt pollution control revenue bonds

various

 

2018-2035 

 

 

103 

 

 

103 

 

Total Consumers principal amount outstanding

 

 

 

 

$

5,409 

 

$

5,283 

 

Current amounts

 

 

 

 

 

(198)

 

 

(124)

 

Net unamortized discounts

 

 

 

 

 

(5)

 

 

(5)

 

Total Consumers long-term debt

 

 

 

 

$

5,206 

 

$

5,154 

 

 

1

The weighted-average interest rate for Consumers’ FMBs was 4.73 percent at December 31, 2015 and 4.75 percent at December 31, 2014.

2

The weighted-average interest rate for Consumers’ Securitization bonds issued through its subsidiary Consumers 2014 Securitization Funding was 2.69 percent at December 31, 2015 and 2.60 percent at December 31, 2014.

3

Principal and interest payments are made semiannually.

Financings: Presented in the following table is a summary of major long-term debt transactions during the year ended December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal 

 

Issue/Retirement

 

 

 

(In Millions)

Interest Rate 

 

Date

Maturity Date 

 

Debt issuances

 

 

 

 

 

 

 

 

CMS Energy parent

 

 

 

 

 

 

 

 

Senior notes

 

$

250  3.600 

%

November 2015

November 2025

 

Total CMS Energy parent

 

$

250 

 

 

 

 

 

Consumers

 

 

 

 

 

 

 

 

FMBs

 

$

250  4.100 

%

November 2015

November 2045

 

Total Consumers

 

$

250 

 

 

 

 

 

Total CMS Energy

 

$

500 

 

 

 

 

 

Debt retirements

 

 

 

 

 

 

 

 

Consumers

 

 

 

 

 

 

 

 

FMBs

 

$

50  2.600 

%

October 2015

October 2015

 

Total Consumers

 

$

50 

 

 

 

 

 

Total CMS Energy

 

$

50 

 

 

 

 

 

 

FMBs: Consumers secures its FMBs by a mortgage and lien on substantially all of its property. Consumers’ ability to issue FMBs is restricted by certain provisions in the First Mortgage Bond Indenture and the need for regulatory approvals under federal law. Restrictive issuance provisions in the First Mortgage Bond Indenture include achieving a two-times interest coverage ratio and having sufficient unfunded net property additions.

Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. In June 2014, Consumers received authorization from FERC to have outstanding, at any one time, up to $800 million of secured and unsecured short-term securities for general corporate purposes. At December 31, 2015, Consumers had entered into short-term borrowing programs allowing it to issue up to $800 million in short-term securities; $249 million of securities were outstanding under these programs. FERC has also authorized Consumers to issue and sell up to $1.9 billion of secured and unsecured long-term securities for general corporate purposes. The remaining availability was $900 million at December 31, 2015. The authorizations were effective July 1, 2014 and terminate June 30, 2016. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements.

Securitization Bonds: Certain regulatory assets held by Consumers’ subsidiary, Consumers 2014 Securitization Funding, collateralize Consumers’ Securitization bonds. The bondholders have no recourse to Consumers’ assets except for those held by the subsidiary that issued the bonds. Consumers collects Securitization surcharges 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 the subsidiary that issued the bonds.

Debt Maturities: At December 31, 2015, the aggregate annual contractual maturities for long-term debt for the next five years were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

2016  2017  2018  2019  2020 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

684 

 

$

1,010 

 

$

911 

 

$

1,288 

 

$

801 

 

Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

198 

 

$

375 

 

$

523 

 

$

876 

 

$

426 

 

 

Revolving Credit Facilities: The following secured revolving credit facilities with banks were available at December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

Amount of 

Amount 

Letters of Credit 

Amount 

 

Expiration Date

Facility 

Borrowed 

Outstanding 

Available 

 

CMS Energy parent

 

 

 

 

 

 

 

 

 

 

 

 

 

May 27, 20201

 

$

550 

 

$

 -

 

$

 

$

549 

 

Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

May 27, 20202

 

$

650 

 

$

 -

 

$

 

$

641 

 

November 23, 20172,3

 

 

250 

 

 

 -

 

 

 -

 

 

250 

 

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.

3

In November 2015, Consumers entered into a new $250 million credit facility and terminated its $250 million accounts receivable sales program.

Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, commercial paper notes with maturities of up to 365 days and that bear interest at fixed or floating rates. These issuances are supported by Consumers’ $650 million revolving credit facility and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the revolver’s available capacity, Consumers would not issue commercial paper in an amount exceeding the available revolver capacity. At December 31, 2015,  $249 million of commercial paper notes with a weighted-average annual interest rate of 0.91 percent  was outstanding under this program.

Dividend Restrictions: At December 31, 2015, payment of dividends by CMS Energy on its common stock was limited to $3.9 billion under provisions of the Michigan Business Corporation Act of 1972.

Under the provisions of its articles of incorporation, at December 31, 2015, Consumers had $884 million of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that under a variety of circumstances dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.

For the year ended December 31, 2015, Consumers paid $474 million in dividends on its common stock to CMS Energy.

Capitalization: The authorized capital stock of CMS Energy consists of:

·

350 million shares of CMS Energy Common Stock, par value $0.01 per share

·

10 million shares of CMS Energy Preferred Stock, par value $0.01 per share

Issuance of Common Stock: In April 2015, CMS Energy entered into an updated continuous equity offering program permitting it to sell, from time to time in “at the market” offerings, common stock having an aggregate sales price of up to $100 million. In 2015, CMS Energy issued 888,610 shares of common stock at an average price of $33.76 per share, resulting in net proceeds of $30 million.

Preferred Stock of Subsidiary: Presented in the following table are details about Consumers’ preferred stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Optional 

Number of 

Balance 

 

 

 

 

 

Redemption 

Shares 

Outstanding 

 

 

Series 

Price 

Outstanding 

(In Millions)

 

December 31

 

 

 

 

 

 

 

2015  2014 

 

Cumulative, $100 par value, authorized
   7,500,000 shares, with no mandatory
   redemption

 

$

4.50 

 

$

110.00  373,148 

 

$

37 

 

$

37