CMS Energy Prices Baby Bonds

Michigan electric and natural gas company CMS Energy (NYSE:CMS) has priced their new baby bonds with a coupon of 5.875%.

The issue will have normal terms for a utility which means quarter payments and long maturities (2078)–there will be an early redemption available to the company beginning in 2023.   The interest payments are not qualified for preferential tax treatment.

The pricing term sheet can be found here.