Filed under Rule 433
File No. 333-270060-01
Final Term Sheet
July 31, 2023
| Issuer: | Consumers Energy Company |
| Securities: | 4.90% First Mortgage Bonds due 2029 |
| Aggregate Principal Amount Offered: | $500,000,000 |
| Maturity Date: | February 15, 2029 |
| Yield to Maturity: | 4.910% |
| Spread to Benchmark Treasury: | +75 basis points |
| Benchmark Treasury Security: | 4.125% due July 31, 2028 |
| Benchmark Treasury Price and Yield: | 99-27; 4.160% |
| Interest Payment Dates: | February 15 and August 15 |
| First Interest Payment Date: | February 15, 2024 |
| Record Dates: | February 1 and August 1 |
| Public Offering Price: | 99.950% |
| Optional Redemption: | Make-whole call at any time prior to December 15, 2028 at the Treasury rate plus 15 basis points and, thereafter, at par |
| Trade Date: | July 31, 2023 |
| Settlement Date: | August 4, 2023 (T+4) |
| 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: | MUFG Securities Americas Inc. |
| | RBC Capital Markets, LLC |
| | Wells Fargo Securities, LLC |
| | BNP Paribas Securities Corp. |
| | Scotia Capital (USA) Inc. |
| Co-Manager: | Loop Capital Markets LLC |
| CUSIP/ISIN: | 210518 DV5 / US210518DV59 |
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 MUFG Securities Americas Inc. toll-free at (877) 649-6848, RBC Capital Markets, LLC toll-free at (866) 375-6829 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.
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.
