Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
14 February 2023 - 8:44AM
Edgar (US Regulatory)
Filed under Rule 433
File No. 333-236742-01
Final Term Sheet
February 13, 2023
| Issuer: |
Consumers Energy Company |
| Securities: |
4.625% First Mortgage Bonds due 2033 |
| Aggregate Principal Amount Offered: |
$700,000,000 |
| Maturity Date: |
May 15, 2033 |
| Coupon: |
4.625% |
| Yield to Maturity: |
4.691% |
| Spread to Benchmark Treasury: |
+97 basis points |
| Benchmark Treasury Security: |
3.500% due February 15, 2033 |
| Benchmark Treasury Price and Yield: |
98-05+; 3.721% |
| Interest Payment Dates: |
May 15 and November 15 |
| First Interest Payment Date: |
November 15, 2023 |
| Record Dates: |
May 1 and November 1 |
| Public Offering Price: |
99.451% |
| Optional Redemption: |
Make-whole call at any time prior to November 15, 2032 at the Treasury rate plus 15 basis points and, thereafter, at par |
| Trade Date: |
February 13, 2023 |
| Settlement Date: |
February 23, 2023 (T+7) |
| Expected Ratings |
|
| (Moody’s / S&P / Fitch): |
A1 (stable) / A (stable) / A+ (stable) |
| |
Note: A securities rating is not a recommendation to buy, sell or hold securities and may
be subject to revision or withdrawal at any time |
| Joint Book-Running Managers: |
Barclays Capital Inc. |
| |
BofA Securities, Inc. |
| |
Mizuho Securities USA LLC |
| |
Citigroup Global Markets Inc. |
| |
PNC Capital Markets LLC |
| |
SMBC Nikko Securities America, Inc. |
| |
Truist Securities, Inc. |
| Co-Managers: | Comerica Securities, Inc. |
| | Samuel A. Ramirez & Company, Inc. |
| CUSIP/ISIN: | 210518 DU7 / US210518DU76 |
Consumers Energy Company has filed a registration statement
(including a prospectus, as supplemented) with the Securities and Exchange Commission (“SEC”) for the offering to which
this communication relates. Before you invest, you should read the prospectus (as supplemented) in that registration statement and
other documents Consumers Energy Company has filed with the SEC for more complete information about Consumers Energy Company and
this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Consumers
Energy Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request
it by calling Barclays Capital Inc. toll-free at (888) 603-5847, BofA Securities, Inc. toll-free at (800) 294-1322 or Mizuho
Securities USA LLC toll-free at (866) 271-7403.
Any disclaimers or other notices that may appear below are not applicable
to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being
sent via email or another communication system.
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