Financings (Tables)

3 Months Ended

Mar. 31, 2012

Summary of Major Long-Term Debt Transactions

	Principal (In Millions)		Interest Rate		Issue/Retirement Date		Maturity Date
Debt Issuances
CMS ENERGY
Senior notes	$	300		5.05%		March 2012		March 2022
Term loan facility1,3		30		variable		February 2012		December 2016
Total	$	330
Debt Retirements
CMS ENERGY
Contingently convertible senior notes2	$	73		2.875%		January 2012		December 2024
Trust Preferred Securities4		29		7.75%		February 2012		July 2027
CONSUMERS
FMB		300		5.00%		February 2012		February 2012
Total	$	402

¹  In December 2011, CMS Energy entered into a $180 million term loan credit agreement that provides for delayed draws through July 20, 2012. Outstanding borrowings will bear interest at an annual interest rate of LIBOR plus 2.5 percent.

²  CMS Energy's contingently convertible notes. See the "Contingently Convertible Securities" section in this Note for further discussion of the conversions.

³  CMS Energy used these proceeds to retire the 7.75 percent Trust Preferred Securities.

⁴  In January 2012, CMS Energy called all of its outstanding Trust Preferred Securities.

Revolving Credit Facilities

							In Millions
Expiration Date	Amount of Facility		Amount     Borrowed		Letters of Credit Outstanding		Amount             Available
CMS ENERGY
March 31, 20161	$	550	$	-	$	3	$	547
CONSUMERS
March 31, 20162	$	500	$	-	$	1	$	499
August 9, 20132,3		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 three months ended March 31, 2012 totaled $20 million, with a weighted-average annual interest rate of 2.28 percent, representing LIBOR plus 2.00 percent.

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

³  In April 2012, the expiration date was extended to April 2017.

Contingently Convertible Securities

Security	Maturity		Outstanding (In Millions)		Adjusted Conversion Price		Adjusted   Trigger Price
2.875% senior notes		2024	$	153	$	12.40	$	14.88
5.50% senior notes		2029		172		14.08		18.31

Conversions of Contingently Convertible Securities Details

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

Consumers Energy Company [Member]

Summary of Major Long-Term Debt Transactions

	Principal (In Millions)		Interest Rate		Issue/Retirement Date		Maturity Date
Debt Issuances
CMS ENERGY
Senior notes	$	300		5.05%		March 2012		March 2022
Term loan facility1,3		30		variable		February 2012		December 2016
Total	$	330
Debt Retirements
CMS ENERGY
Contingently convertible senior notes2	$	73		2.875%		January 2012		December 2024
Trust Preferred Securities4		29		7.75%		February 2012		July 2027
CONSUMERS
FMB		300		5.00%		February 2012		February 2012
Total	$	402

¹  In December 2011, CMS Energy entered into a $180 million term loan credit agreement that provides for delayed draws through July 20, 2012. Outstanding borrowings will bear interest at an annual interest rate of LIBOR plus 2.5 percent.

²  CMS Energy's contingently convertible notes. See the "Contingently Convertible Securities" section in this Note for further discussion of the conversions.

³  CMS Energy used these proceeds to retire the 7.75 percent Trust Preferred Securities.

⁴  In January 2012, CMS Energy called all of its outstanding Trust Preferred Securities.

Revolving Credit Facilities

							In Millions
Expiration Date	Amount of Facility		Amount     Borrowed		Letters of Credit Outstanding		Amount             Available
CMS ENERGY
March 31, 20161	$	550	$	-	$	3	$	547
CONSUMERS
March 31, 20162	$	500	$	-	$	1	$	499
August 9, 20132,3		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 three months ended March 31, 2012 totaled $20 million, with a weighted-average annual interest rate of 2.28 percent, representing LIBOR plus 2.00 percent.

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

³  In April 2012, the expiration date was extended to April 2017.