CMS Energy Corporation has announced the early results and upsizing of its cash tender offer for certain outstanding debt securities. The company has amended the terms of the tender offer to increase the combined aggregate principal amount of bonds subject to the tender offer from $125 million to $147.095 million. Specifically, the series tender cap for the 2.500% first mortgage bonds due 2060 has been increased to $147.095 million, and $147.095 million in aggregate principal amount of the 2060 bonds were validly tendered and not validly withdrawn prior to or at 5:00 p.m., New York City time, on June 17, 2025.
The tender offer is scheduled to expire at 5:00 p.m., New York City time, on July 3, 2025, and CMS Energy does not expect to accept for purchase any tender of bonds after the early tender date because the amount of bonds validly tendered and not validly withdrawn at or prior to the early tender date exceeded the aggregate tender cap.
The company expects to issue a press release after the close of trading on the New York Stock Exchange on June 18, 2025, to announce the total consideration payable in connection with the tender offer and accept the 2060 bonds for purchase. The settlement date for the 2060 bonds accepted for purchase is expected to be June 23, 2025.
The market has reacted to these announcements by moving the company's shares -0.48% to a price of $68.79. Check out the company's full 8-K submission here.
