CMS Energy Corporation (?CMS Energy?) amended and restated its Revolving Credit Facility (the ?CMS Facility?) with a consortium of banks led by Barclays Bank PLC (?Barclays?), as Agent, JPMorgan Chase Bank, N.A. (?JPMorgan?) and MUFG Bank, LTD. (?MUFG?), as Co-Syndication Agents, Mizuho Bank Ltd. (?Mizuho?), Bank of America, N.A. (?Bank of America?), and Wells Fargo Bank, National Association (?Wells Fargo?) as Co-Documentation Agents. The CMS Facility was increased from $550 million to $750 million and remains unsecured. On November 21, 2025, Consumers Energy Company (?Consumers?) amended and restated its $1.1 billion secured Revolving Credit Facility (the ?Consumers Facility?) with a consortium of banks led by JPMorgan, as Agent, Barclays and MUFG, as Co-Syndication Agents, Mizuho, Bank of America, and Wells Fargo as Co-Documentation Agents.
Obligations under the Consumers Facility in the amount of $500 million will continue to be secured by first mortgage bonds of Consumers issued pursuant to the 114th Supplemental Indenture dated as of March 31, 2011, obligations in the amount of $150 million will continue to be secured by first mortgage bonds of Consumers issued pursuant to the 123rd Supplemental Indenture dated as of December 20, 2013, obligations in the amount of $200 million will continue to be secured by first mortgage bonds of Consumers issued pursuant to the 132nd Supplemental Indenture dated as of June 5, 2018, and obligations in the amount of $250 million will continue to be secured by first mortgage bonds of Consumers issued pursuant to the 146th Supplemental Indenture dated as of December 14, 2022 all between Consumers and The Bank of New York Mellon, Trustee. Both the CMS Facility and the Consumers Facility have five-year terms, which currently expire on November 21, 2030, each with two, one-year extension options. Both the CMS Facility and the Consumers Facility replace revolving credit facilities that have substantially similar terms and were set to expire in 2027, including the forward-looking term rate based on the secured overnight financing rate (the ?SOFR Rate?) as the interest rate benchmark.
Each of CMS Energy and Consumers may continue, at its option, to borrow revolving loans under the Agreement that incur interest based on the Alternate Base Rate, as defined in each of the CMS Facility and Consumers Facility. Any drawings under the CMS Facility will be used for general corporate purposes and working capital. Any drawings under the Consumers Facility will be used for general corporate purposes and working capital.
On November 21, 2025, Consumers entered a $300 million secured Revolving Credit Facility (the $300 Million Facility) with a consortium of banks led by MUFG, as Agent, Barclays and JPMorgan, as Co-Syndication Agents, Mizuho, Bank of America, and Wells Fargo as Co-Documentation Agents. Obligations under the $300 Million Facility will be secured by first mortgage bonds of Consumers issued pursuant to the 154th Supplemental Indenture dated as of November 21, 2025 between Consumers and The Bank of New York Mellon, Trustee. The $300 Million Facility has a three-year term which currently expires on November 21, 2028, with two, one-year extension options.
The $300 Million Facility has substantially similar terms as the Consumers Facility including the forward-looking term rate based on the SOFR Rate as the interest rate benchmark. Consumers may borrow revolving loans under the $300 Million Facility that incur interest based on the Alternate Base Rate, as defined in the $300 Million Facility. Any drawings under the $300 Million Facility will be used for general corporate purposes and working capital.
