Financings and Capitalization (Tables)

6 Months Ended

Jun. 30, 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 facility1,2		30		variable			February 2012		December 2016
Consumers
FMB		375		2.85	%		May 2012		May 2022
Total		$      705
Debt Retirements
CMS Energy
Contingently convertible senior notes3		$      226		2.88	%		January 2012 and April 2012		December 2024
Trust Preferred Securities		29		7.75	%		February 2012		July 2027
Consumers
FMB		300		5.00	%		February 2012		February 2012
FMB		375		5.38	%		May 2012		April 2013
Total		$      930

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 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.

³  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
Expiration Date	Amount of Facility		Amount Borrowed		Letters of Credit Outstanding		Amount Available
CMS Energy
March 31, 20161		$    550		$    25		$      2		$    523
Consumers
March 31, 20162		$    500		$       -		$      3		$    497
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 six months ended June 30, 2012 totaled $13 million, with a weighted-average annual interest rate of 2.27 percent, representing LIBOR plus 2.00 percent.

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

Contingently Convertible Securities

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

Conversions of Contingently Convertible Securities Details

	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
		April 2012		153		1,774.98		5,381,349		153

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 facility1,2		30		variable			February 2012		December 2016
Consumers
FMB		375		2.85	%		May 2012		May 2022
Total		$      705
Debt Retirements
CMS Energy
Contingently convertible senior notes3		$      226		2.88	%		January 2012 and April 2012		December 2024
Trust Preferred Securities		29		7.75	%		February 2012		July 2027
Consumers
FMB		300		5.00	%		February 2012		February 2012
FMB		375		5.38	%		May 2012		April 2013
Total		$      930

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 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.

³  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
Expiration Date	Amount of Facility		Amount Borrowed		Letters of Credit Outstanding		Amount Available
CMS Energy
March 31, 20161		$    550		$    25		$      2		$    523
Consumers
March 31, 20162		$    500		$       -		$      3		$    497
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 six months ended June 30, 2012 totaled $13 million, with a weighted-average annual interest rate of 2.27 percent, representing LIBOR plus 2.00 percent.

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