Consumers Energy Co.
04/30/2026 | Press release | Distributed by Public on 04/30/2026 14:44
Free Writing Prospectus (Form FWP)
Filed under Rule 433
File No. 333-293382-01
Final Term Sheet
April 30, 2026
| Issuer: | Consumers Energy Company |
| Securities: | 5.125% First Mortgage Bonds due 2036 |
| Aggregate Principal Amount Offered: | $850,000,000 |
| Maturity Date: | May 1, 2036 |
| Coupon: | 5.125% |
| Yield to Maturity: | 5.138% |
| Spread to Benchmark Treasury: | +75 basis points |
| Benchmark Treasury Security: | 4.125% due February 15, 2036 |
| Benchmark Treasury Price and Yield: | 97-29+; 4.388% |
| Interest Payment Dates: | May 1 and November 1 |
| First Interest Payment Date: | November 1, 2026 |
| Public Offering Price: | 99.900% of the principal amount |
| Optional Redemption: | Make-whole call at any time prior to November 1, 2035 at the Treasury rate plus 15 basis points and, thereafter, at par |
| Tax Credit Event Redemption: | In whole but not in part at 101% of the principal amount plus accrued and unpaid interest (any notice of redemption may only be sent by the later of (a) December 31, 2026 and (b) six months from the date of issuance) |
| Trade Date: | April 30, 2026 |
| Settlement Date: | May 5, 2026 (T+3) |
| Expected Ratings | |
| (Moody's / S&P / Fitch): | A1 (negative) / 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: | BNP Paribas Securities Corp. |
| J.P. Morgan Securities LLC | |
| PNC Capital Markets LLC | |
| SMBC Nikko Securities America, Inc. | |
| Truist Securities, Inc. | |
| Co-Managers: | Fifth Third Securities, Inc. |
| Loop Capital Markets LLC | |
| Samuel A. Ramirez & Company, Inc. | |
| CUSIP/ISIN: | 210518 EA0 / US210518EA04 |
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
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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 BNP Paribas Securities Corp. toll-free at (800) 854-5674, J.P. Morgan Securities LLC collect at (212) 834-4533, PNC Capital Markets LLC toll-free at (855) 881-0697, SMBC Nikko Securities America, Inc. toll-free at (888) 868-6856 or Truist Securities, Inc. toll free at (800) 685-4786.
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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Consumers Energy Co. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 30, 2026 at 20:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]