Here are the 424B prospectus supplements from CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078 (CMSA) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow CMSA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CMSA filings page.
CMS Energy Corporation is offering fixed-to-fixed reset rate junior subordinated notes due 2057; the preliminary terms remain subject to completion. Interest is payable semi-annually beginning July 1, 2027. Starting July 1, 2032, the rate resets every five years to the Five-Year Treasury Rate plus a spread, with a floor equal to the initial rate. CMS Energy may defer interest for up to 20 consecutive semi-annual periods while no event of default is continuing; deferred interest compounds semi-annually.
CMS Energy intends to use net proceeds to repay, at or prior to maturity, its $275 million 2.95% Senior Notes due February 2027 and $350 million 3.45% Senior Notes due August 2027, and for general corporate purposes. The unsecured Notes rank below CMS Energy’s senior indebtedness and are effectively subordinated to liabilities of its subsidiaries. As of September 30, 2026, CMS Energy had approximately $2.975 billion of senior debt and its subsidiaries had approximately $14.202 billion of debt. The Notes have no established trading market, and CMS Energy does not intend to seek exchange listing or quotation.
CMS Energy Corporation proposes to offer common stock having an aggregate sales price of up to $3,000,000,000 pursuant to an equity distribution agreement dated May 13, 2026. The sales may be effected from time to time at prevailing market prices, through designated sales agents or via forward sale agreements.
The prospectus supplement states proceeds received on physical settlement of any forward sale agreement will be available for general corporate purposes, which may include reduction of debt, capital expenditures, investment in subsidiaries and working capital. The program permits sales through multiple dealers as agents or as principals and contemplates settlement methods that may include physical settlement, cash settlement or net share settlement.
CMS Energy Corporation is offering up to $1,000,000,000 of common stock through an at-the-market equity distribution program that may include forward sale agreements. As of this prospectus supplement, it has already sold shares with an aggregate offering price of about $507.7 million, leaving roughly $492.3 million available for future issuances.
Shares may be sold from time to time through several major banks acting as sales agents, principals, forward purchasers and forward sellers, generally at prevailing NYSE market prices. CMS Energy intends to use net proceeds for general corporate purposes, including potential debt reduction, capital expenditures, investments in subsidiaries and working capital, and may repay borrowings under its revolving credit facility maturing in 2030. Forward sale agreements can be physically, cash or net share settled, and physical or net share settlement would increase shares outstanding and dilute earnings per share.