Consumers Energy Company is issuing $900,000,000 aggregate principal amount of first mortgage bonds, consisting of $450,000,000 4.900% Bonds due 2031 and $450,000,000 6.100% Bonds due 2056. The 2031 Bonds mature on August 15, 2031 and the 2056 Bonds on August 15, 2056, with interest paid semi-annually each February 15 and August 15, starting February 15, 2027.
The 2031 Bonds are priced at 99.787% of principal and the 2056 Bonds at 99.751%, generating estimated net proceeds of $891,283,500 before expenses, to be used for general corporate purposes. The bonds rank equally with about $13.3 billion of existing first mortgage bonds and have no sinking fund. Consumers may redeem them early at make-whole premiums before specified par call dates and at par thereafter, and at 101% upon a defined Tax Credit Event tied to issuance to certain specified foreign entities. The bonds will be issued only in book-entry form through DTC, will not be listed on an exchange, and there is no assurance an active trading market will develop.
Consumers Energy Company is offering $850,000,000 aggregate principal amount of 5.125% First Mortgage Bonds due May 1, 2036. Interest accrues from May 5, 2026 and is payable semi‑annually on May 1 and November 1, beginning November 1, 2026. The bonds price at 99.900% with proceeds to Consumers of $843,625,000 (before expenses) and an underwriting discount of 0.650%. Consumers intends to use net proceeds to redeem its 5.24% First Mortgage Bonds due May 15, 2026 (of which $115,000,000 was outstanding as of March 31, 2026) and for general corporate purposes, including short‑term debt repayment. The bonds rank pari passu with other first mortgage bonds, will be issued in book‑entry form through DTC, and will not be listed for trading.