CMS Energy Announces the Early Results and Upsizing of its Cash Tender Offer for Certain Outstanding Debt Securities

Core Viewpoint - CMS Energy Corporation has announced an upsized cash tender offer for its outstanding bonds, increasing the Aggregate Tender Cap from $125 million to $147.095 million, with a focus on the 2.500% First Mortgage Bonds due 2060 [1][2]. Summary by Sections Tender Offer Details - The Tender Offer is for up to $147.095 million of the 2.500% First Mortgage Bonds due 2060, with this amount being validly tendered and not withdrawn by the Early Tender Date of June 17, 2025 [1][2]. - The Series Tender Cap for the 2060 Bonds has been set at $147.095 million, which is the maximum amount that may be purchased in the Tender Offer [2]. Acceptance and Payment - The acceptance of the 2060 Bonds will depend on the Aggregate Tender Cap and the Series Tender Cap, meaning some bonds may be returned to holders based on overall participation [3]. - Holders of validly tendered 2060 Bonds will receive a Total Consideration, including an early tender payment of $30 per $1,000 principal amount, with accrued interest paid in cash [4]. Timeline and Conditions - The Tender Offer is set to expire on July 3, 2025, and CMS Energy does not expect to accept any bonds tendered after the Early Tender Date due to the exceeded Aggregate Tender Cap [5]. - Acceptance of the bonds is subject to certain conditions outlined in the Offer to Purchase, which CMS Energy may choose to waive at its discretion [6]. Management and Contact Information - U.S. Bancorp Investments, Inc. is the sole lead dealer manager for the Tender Offer, with D.F. King & Co. Inc. acting as the information and tender agent [6].