Filed under Rule 433
File No. 333-270060-01
Final Term Sheet
January 2, 2024
| Issuer: | | Consumers Energy Company |
| Securities: | | 4.60% First Mortgage Bonds due 2029 |
| Aggregate Principal Amount Offered: | | $600,000,000 |
| Maturity Date: | | May 30, 2029 |
| Coupon: | | 4.60% |
| Yield to Maturity: | | 4.650% |
| Spread to Benchmark Treasury: | | +73 basis points |
| Benchmark Treasury Security: | | 3.750% due December 31, 2028 |
| Benchmark Treasury Price and Yield: | | 99-7+; 3.920% |
| Interest Payment Dates: | | May 30 and November 30 |
| First Interest Payment Date: | | May 30, 2024 |
| Record Dates: | | May 15 and November 15 |
| Public Offering Price: | | 99.768% |
| Optional Redemption: | | Make-whole call at any time prior to March 30, 2029 at the Treasury rate plus 15 basis points and, thereafter, at par |
| Trade Date: | | January 2, 2024 |
| Settlement Date: | | January 9, 2024 (T+5) |
| 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: | | Deutsche Bank Securities Inc. |
| | | Goldman Sachs & Co. LLC |
| | | Mizuho Securities USA LLC |
| | | Morgan Stanley & Co. LLC |
| | | Truist Securities, Inc. |
| | | U.S. Bancorp Investments, Inc. |
| Co-Managers: | | BNP Paribas Securities Corp. |
| | | PNC Capital Markets LLC |
| | | Academy Securities, Inc. |
| | | Fifth Third Securities, Inc. |
| CUSIP/ISIN: | | 210518 DW3 / US210518DW33 |
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 Deutsche Bank Securities Inc. toll-free at (800) 503-4611, Goldman Sachs & Co. LLC toll-free at (866) 471-2526 or Mizuho Securities USA LLC toll-free at (866) 271-7403.
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.
