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Financings and Capitalization
 12 Months Ended
Dec. 31, 2021
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions
Interest Rate
(%)		Maturity20212020
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes3.875 2024$250 $250 
3.600 2025250 250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,975 $1,975 
Term loan facilityvariable2021— 200 
Junior subordinated notes1
4.750 
2
2050500 500 
3.750 
3
2050400 400 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$2,010 $2,010 
Total CMS Energy, parent only$3,985 $4,185 
Consumers8,505 8,197 
CMS Enterprises, including subsidiaries
Term loan facilityvariable
4
202578 85 
Total principal amount outstanding$12,568 $12,467 
Current amounts(373)(571)
Unamortized discounts(31)(33)
Unamortized issuance costs(118)(119)
Total long-term debt$12,046 $11,744 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
2On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 4.116 percent.
3On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 2.900 percent.
4A subsidiary of CMS Enterprises issued non‑recourse debt to finance the acquisition of a wind generation project in Northwest Ohio. The interest rate for the debt is three-month LIBOR plus 1.500 percent through October 2022 and three-month LIBOR plus 1.750 percent thereafter. At December 31, 2021 and 2020, the interest rate was 1.724 percent and 1.754 percent, respectively. The same subsidiary of CMS Enterprises entered into interest rate swaps with the lending banks to fix the interest charges associated with the debt, at a rate of 4.702 percent through October 2022 and 4.952 percent thereafter. Principal and interest payments are made quarterly. For information about the interest rate swaps, see Note 5, Fair Value Measurements.
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions
Interest Rate
(%)		Maturity20212020
Consumers
First mortgage bonds
0.350 2023$300 $300 
3.375 2023325 325 
3.125 2024250 250 
3.190 202452 52 
3.680 2027100 100 
3.390 202735 35 
3.800 2028300 300 
3.180 2032100 100 
5.800 2035175 175 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 575 
2.650 2052300 — 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 525 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 134 
variable
1
2070127 127 
$8,197 $7,897 
Tax-exempt revenue bonds0.875 
2
203535 — 
1.800 
3
204975 75 
$110 $75 
Securitization bonds3.290 
4
2025-2029
5
198 225 
Total principal amount outstanding$8,505 $8,197 
Current amounts(365)(364)
Unamortized discounts(28)(29)
Unamortized issuance costs(62)(62)
Total long-term debt$8,050 $7,742 
1The variable-rate bonds bear interest quarterly at a rate of three-month LIBOR minus 0.300 percent, subject to a zero-percent floor (zero percent at December 31, 2021) and (zero percent at December 31, 2020). The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2021.
2The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026.
3The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2024.
4The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.290 percent at December 31, 2021 and 3.250 percent at December 31, 2020.
5Principal and interest payments are made semiannually.
Financings: Presented in the following table is a summary of major long-term debt issuances during 2021:
Principal
(In Millions)		Interest RateIssuance DateMaturity Date
Consumers
First mortgage bonds$300 2.650%August 2021August 2052
Tax-exempt revenue bonds1
35 0.875%October 2021April 2035
1    
Presented in the following table is a summary of major long-term debt retirements during year ended December 31, 2021:
Principal
(In Millions)		Interest RateRetirement DateMaturity Date
CMS Energy, parent only
Term Loan facility$200 variableOctober 2021November 2021
First Mortgage Bonds: Consumers secures its first mortgage bonds by a mortgage and lien on substantially all of its property. Consumers’ ability to issue first mortgage bonds is restricted by certain provisions in the First Mortgage Bond Indenture and the need for regulatory approvals under federal law. Restrictive issuance provisions in the First Mortgage Bond Indenture include achieving a two-times interest coverage ratio and having sufficient unfunded net property additions.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Its current authorization terminates on July 31, 2022. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. In December 2021, Consumers filed an application for authority to issue securities between April 1, 2022 and March 31, 2024, replacing the current authorization.
Securitization Bonds: Certain regulatory assets held by Consumers’ subsidiary, Consumers 2014 Securitization Funding, collateralize Consumers’ securitization bonds. The bondholders have no recourse to Consumers’ assets except for those held by the subsidiary that issued the bonds. Consumers collects securitization surcharges to cover the principal and interest on the bonds as well as certain other qualified costs. The surcharges collected are remitted to a trustee and are not available to creditors of Consumers or creditors of Consumers’ affiliates other than the subsidiary that issued the bonds.
Debt Maturities: At December 31, 2021, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20222023202420252026
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$— $— $250 $250 $300 
Consumers
365 654 332 31 32 
CMS Enterprises, including subsidiaries8 9 10 51 — 
Total CMS Energy$373 $663 $592 $332 $332 
Consumers
Long-term debt$365 $654 $332 $31 $32 
Credit Facilities: The following credit facilities with banks were available at December 31, 2021:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
June 5, 20241
$550 $— $24 $526 
September 23, 20222
31 — 31 — 
CMS Enterprises, including subsidiaries
September 25, 20253
$39 $— $39 $— 
September 30, 20254
18 — 8 10 
Consumers5
June 5, 2024
$850 $— $12 $838 
November 19, 2023
250 — 8 242 
April 18, 2022
30 — 30 — 
1There were no borrowings under this facility during the year ended December 31, 2021.
2The maximum aggregate of letters of credit that may be issued under this facility is $50 million. The amount remaining under the facility is uncommitted.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 19, Variable Interest Entities.
4Under this facility, $8 million is available solely for the purpose of issuing letters of credit. Obligations under this facility are secured by the collateral accounts with the lending bank. There were no borrowings under this facility during the year ended December 31, 2021.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2021.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers
does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At December 31, 2021, there were no commercial paper notes outstanding under this program.
In December 2021, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of one month LIBOR minus 0.100 percent. At December 31, 2021, outstanding borrowings under the agreement were $392 million bearing an interest rate of zero percent. In January 2022, Consumers repaid $392 million of its loan outstanding with CMS Energy.
Dividend Restrictions: At December 31, 2021, payment of dividends by CMS Energy on its common stock was limited to $6.4 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at December 31, 2021, Consumers had $1.8 billion 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.
During the year ended December 31, 2021, Consumers paid $722 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 2020, CMS Energy entered into an equity offering program under which it may sell, from time to time, shares of CMS Energy common stock. Under the program, CMS Energy may sell its common stock in privately negotiated transactions, in “at the market” offerings, through forward sales transactions, or otherwise.
CMS Energy may sell shares of its common stock having an aggregate sales price of up to $500 million. Presented in the following table are details of CMS Energy’s forward sales contracts under this program at December 31, 2021:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialDecember 31, 2021
September 15, 2020June 30, 2022846,759$61.04 $58.51 
December 22, 2020June 22, 2022115,59561.81 59.73 
These contracts allow CMS Energy to either physically settle the contracts by issuing shares of its common stock at the then-applicable forward sale price specified by the agreement or net settle the contracts through the delivery or receipt of cash or shares. CMS Energy may settle the contracts at any time through their maturity dates, and presently intends to physically settle the contracts by delivering shares of its common stock.
The initial forward price in the forward equity sale contracts includes a deduction for commissions and will be adjusted on a daily basis over the term based on an interest rate factor and decreased on certain dates by certain predetermined amounts to reflect expected dividend payments. No amounts are recorded
on CMS Energy’s consolidated balance sheets until settlements of the forward equity sale contracts occur. If CMS Energy had elected to net share settle the contracts as of December 31, 2021, CMS Energy would have been required to deliver 94,588 shares.
Issuance of Preferred Stock: In 2021, CMS Energy issued 9.2 million depositary shares, each representing a 1/1,000th interest in a share of its cumulative Series C preferred stock, traded on the New York Stock Exchange under the symbol CMS PRC, at a price of $25.00 per depositary share. The transaction resulted in net proceeds of $224 million, which was used for general corporate purposes. Dividends on the preferred stock accumulate at an annual rate of 4.200 percent and are payable quarterly.
The Series C preferred stock has no maturity or mandatory redemption date and is not redeemable at the option of the holders. CMS Energy may, at its option, redeem the Series C preferred stock, in whole or in part, at a price equal to $25,000 per share (equivalent to $25.00 per depositary share), plus accumulated and unpaid dividends, at any time on or after July 15, 2026. The Series C preferred stock ranks senior to CMS Energy’s common stock with respect to dividend rights and distribution rights upon liquidation.
Preferred Stock of Subsidiary: Consumers’ preferred stock is traded on the New York Stock Exchange under the symbol CMS-PB. Presented in the following table are details of Consumers’ preferred stock at December 31, 2021 and 2020:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000373,148
Consumers Energy Company  
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions
Interest Rate
(%)		Maturity20212020
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes3.875 2024$250 $250 
3.600 2025250 250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,975 $1,975 
Term loan facilityvariable2021— 200 
Junior subordinated notes1
4.750 
2
2050500 500 
3.750 
3
2050400 400 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$2,010 $2,010 
Total CMS Energy, parent only$3,985 $4,185 
Consumers8,505 8,197 
CMS Enterprises, including subsidiaries
Term loan facilityvariable
4
202578 85 
Total principal amount outstanding$12,568 $12,467 
Current amounts(373)(571)
Unamortized discounts(31)(33)
Unamortized issuance costs(118)(119)
Total long-term debt$12,046 $11,744 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
2On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 4.116 percent.
3On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 2.900 percent.
4A subsidiary of CMS Enterprises issued non‑recourse debt to finance the acquisition of a wind generation project in Northwest Ohio. The interest rate for the debt is three-month LIBOR plus 1.500 percent through October 2022 and three-month LIBOR plus 1.750 percent thereafter. At December 31, 2021 and 2020, the interest rate was 1.724 percent and 1.754 percent, respectively. The same subsidiary of CMS Enterprises entered into interest rate swaps with the lending banks to fix the interest charges associated with the debt, at a rate of 4.702 percent through October 2022 and 4.952 percent thereafter. Principal and interest payments are made quarterly. For information about the interest rate swaps, see Note 5, Fair Value Measurements.
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions
Interest Rate
(%)		Maturity20212020
Consumers
First mortgage bonds
0.350 2023$300 $300 
3.375 2023325 325 
3.125 2024250 250 
3.190 202452 52 
3.680 2027100 100 
3.390 202735 35 
3.800 2028300 300 
3.180 2032100 100 
5.800 2035175 175 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 575 
2.650 2052300 — 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 525 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 134 
variable
1
2070127 127 
$8,197 $7,897 
Tax-exempt revenue bonds0.875 
2
203535 — 
1.800 
3
204975 75 
$110 $75 
Securitization bonds3.290 
4
2025-2029
5
198 225 
Total principal amount outstanding$8,505 $8,197 
Current amounts(365)(364)
Unamortized discounts(28)(29)
Unamortized issuance costs(62)(62)
Total long-term debt$8,050 $7,742 
1The variable-rate bonds bear interest quarterly at a rate of three-month LIBOR minus 0.300 percent, subject to a zero-percent floor (zero percent at December 31, 2021) and (zero percent at December 31, 2020). The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2021.
2The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026.
3The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2024.
4The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.290 percent at December 31, 2021 and 3.250 percent at December 31, 2020.
5Principal and interest payments are made semiannually.
Financings: Presented in the following table is a summary of major long-term debt issuances during 2021:
Principal
(In Millions)		Interest RateIssuance DateMaturity Date
Consumers
First mortgage bonds$300 2.650%August 2021August 2052
Tax-exempt revenue bonds1
35 0.875%October 2021April 2035
1    
Presented in the following table is a summary of major long-term debt retirements during year ended December 31, 2021:
Principal
(In Millions)		Interest RateRetirement DateMaturity Date
CMS Energy, parent only
Term Loan facility$200 variableOctober 2021November 2021
First Mortgage Bonds: Consumers secures its first mortgage bonds by a mortgage and lien on substantially all of its property. Consumers’ ability to issue first mortgage bonds is restricted by certain provisions in the First Mortgage Bond Indenture and the need for regulatory approvals under federal law. Restrictive issuance provisions in the First Mortgage Bond Indenture include achieving a two-times interest coverage ratio and having sufficient unfunded net property additions.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Its current authorization terminates on July 31, 2022. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. In December 2021, Consumers filed an application for authority to issue securities between April 1, 2022 and March 31, 2024, replacing the current authorization.
Securitization Bonds: Certain regulatory assets held by Consumers’ subsidiary, Consumers 2014 Securitization Funding, collateralize Consumers’ securitization bonds. The bondholders have no recourse to Consumers’ assets except for those held by the subsidiary that issued the bonds. Consumers collects securitization surcharges to cover the principal and interest on the bonds as well as certain other qualified costs. The surcharges collected are remitted to a trustee and are not available to creditors of Consumers or creditors of Consumers’ affiliates other than the subsidiary that issued the bonds.
Debt Maturities: At December 31, 2021, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20222023202420252026
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$— $— $250 $250 $300 
Consumers
365 654 332 31 32 
CMS Enterprises, including subsidiaries8 9 10 51 — 
Total CMS Energy$373 $663 $592 $332 $332 
Consumers
Long-term debt$365 $654 $332 $31 $32 
Credit Facilities: The following credit facilities with banks were available at December 31, 2021:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
June 5, 20241
$550 $— $24 $526 
September 23, 20222
31 — 31 — 
CMS Enterprises, including subsidiaries
September 25, 20253
$39 $— $39 $— 
September 30, 20254
18 — 8 10 
Consumers5
June 5, 2024
$850 $— $12 $838 
November 19, 2023
250 — 8 242 
April 18, 2022
30 — 30 — 
1There were no borrowings under this facility during the year ended December 31, 2021.
2The maximum aggregate of letters of credit that may be issued under this facility is $50 million. The amount remaining under the facility is uncommitted.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 19, Variable Interest Entities.
4Under this facility, $8 million is available solely for the purpose of issuing letters of credit. Obligations under this facility are secured by the collateral accounts with the lending bank. There were no borrowings under this facility during the year ended December 31, 2021.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2021.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers
does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At December 31, 2021, there were no commercial paper notes outstanding under this program.
In December 2021, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of one month LIBOR minus 0.100 percent. At December 31, 2021, outstanding borrowings under the agreement were $392 million bearing an interest rate of zero percent. In January 2022, Consumers repaid $392 million of its loan outstanding with CMS Energy.
Dividend Restrictions: At December 31, 2021, payment of dividends by CMS Energy on its common stock was limited to $6.4 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at December 31, 2021, Consumers had $1.8 billion 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.
During the year ended December 31, 2021, Consumers paid $722 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 2020, CMS Energy entered into an equity offering program under which it may sell, from time to time, shares of CMS Energy common stock. Under the program, CMS Energy may sell its common stock in privately negotiated transactions, in “at the market” offerings, through forward sales transactions, or otherwise.
CMS Energy may sell shares of its common stock having an aggregate sales price of up to $500 million. Presented in the following table are details of CMS Energy’s forward sales contracts under this program at December 31, 2021:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialDecember 31, 2021
September 15, 2020June 30, 2022846,759$61.04 $58.51 
December 22, 2020June 22, 2022115,59561.81 59.73 
These contracts allow CMS Energy to either physically settle the contracts by issuing shares of its common stock at the then-applicable forward sale price specified by the agreement or net settle the contracts through the delivery or receipt of cash or shares. CMS Energy may settle the contracts at any time through their maturity dates, and presently intends to physically settle the contracts by delivering shares of its common stock.
The initial forward price in the forward equity sale contracts includes a deduction for commissions and will be adjusted on a daily basis over the term based on an interest rate factor and decreased on certain dates by certain predetermined amounts to reflect expected dividend payments. No amounts are recorded
on CMS Energy’s consolidated balance sheets until settlements of the forward equity sale contracts occur. If CMS Energy had elected to net share settle the contracts as of December 31, 2021, CMS Energy would have been required to deliver 94,588 shares.
Issuance of Preferred Stock: In 2021, CMS Energy issued 9.2 million depositary shares, each representing a 1/1,000th interest in a share of its cumulative Series C preferred stock, traded on the New York Stock Exchange under the symbol CMS PRC, at a price of $25.00 per depositary share. The transaction resulted in net proceeds of $224 million, which was used for general corporate purposes. Dividends on the preferred stock accumulate at an annual rate of 4.200 percent and are payable quarterly.
The Series C preferred stock has no maturity or mandatory redemption date and is not redeemable at the option of the holders. CMS Energy may, at its option, redeem the Series C preferred stock, in whole or in part, at a price equal to $25,000 per share (equivalent to $25.00 per depositary share), plus accumulated and unpaid dividends, at any time on or after July 15, 2026. The Series C preferred stock ranks senior to CMS Energy’s common stock with respect to dividend rights and distribution rights upon liquidation.
Preferred Stock of Subsidiary: Consumers’ preferred stock is traded on the New York Stock Exchange under the symbol CMS-PB. Presented in the following table are details of Consumers’ preferred stock at December 31, 2021 and 2020:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000373,148