Filed under Rule 433
File No. 333-216355-01

Final Term Sheet

August 19, 2019

Issuer:	Consumers Energy Company
Securities:	3.10% First Mortgage Bonds due 2050
Aggregate Principal Amount Offered:	$550,000,000
Maturity Date:	August 15, 2050
Coupon:	3.10%
Yield to Maturity:	3.136%
Spread to Benchmark Treasury:	+105 basis points
Benchmark Treasury Security:	2.875% due May 15, 2049
Benchmark Treasury Price and Yield:	117-13+; 2.086%
Interest Payment Dates:	February 15 and August 15
First Interest Payment Date:	February 15, 2020
Public Offering Price:	99.291%
Optional Redemption:	Make-whole call at any time prior to February 15, 2050 at the Treasury rate plus 20 basis points and, thereafter, at par
Trade Date:	August 19, 2019
Settlement Date:	September 3, 2019 (T+10)
Expected Ratings:	Aa3 / A / A+ (Moody’s / S&P / Fitch)
	Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time
Joint Book-Running Managers:	BNP Paribas Securities Corp.
	Citigroup Global Markets Inc.
	J.P. Morgan Securities LLC
	KeyBanc Capital Markets Inc.
	Mizuho Securities USA LLC
	MUFG Securities Americas Inc.
	SMBC Nikko Securities America, Inc.
Co-Managers:	Comerica Securities, Inc.
	Loop Capital Markets LLC
	U.S. Bancorp Investments, Inc.
	The Williams Capital Group, L.P.
CUSIP/ISIN:	210518 DF0 / US210518DF00

Consumers Energy Company has filed a registration statement (including a prospectus, as supplemented) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus (as supplemented) in that registration statement and other documents Consumers Energy Company has filed with the SEC for more complete information about Consumers Energy Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Consumers Energy Company, any underwriter or any dealer participating in the offering will arrange to send you the

prospectus if you request it by calling J.P. Morgan Securities LLC collect at (212) 834-4533, Mizuho Securities USA LLC toll-free at (866) 271-7403 or MUFG Securities Americas Inc. toll-free at (877) 649-6848.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via email or another communication system.

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