JACKSON, Mich., July 22 /PRNewswire-FirstCall/ -- CMS Energy Corporation (NYSE: CMS) announced today the final results for its previously announced cash tender offers (each an "Offer" and, collectively, the "Offers") to purchase its outstanding senior notes listed in the table below (the "Notes").
On July 8, 2009, CMS announced that it increased the combined aggregate principal amount of Notes that it is offering to purchase in the Offers from $240 million to $330 million (as increased, the "Tender Cap"). Other than the increase in the Tender Cap, all other terms and conditions of the Offers described in the Offer to Purchase dated June 23, 2009 (the "Offer to Purchase") and related Letter of Transmittal remained unchanged.
The table below identifies the principal amount of each series of Notes validly tendered and the principal amount of each series that CMS has accepted for purchase. Because the combined aggregate principal amount of Notes that were validly tendered and not validly withdrawn does not exceed the Tender Cap, neither series of Notes is subject to proration and all such Notes will be accepted for payment.
Principal Acceptance Principal Principal
Title of Security Amount Priority Amount Amount
(CUSIP No.) Outstanding Level Tendered Accepted
--------- ----------- ----- -------- ---------
7.75% Senior Notes
due 2010 $300,000,000 1 $232,709,000 $232,709,000
(CUSIP Nos. 125896
AV2 and 125896
AU4)
8.50% Senior Notes
due 2011 $300,375,000 2 $86,722,000 $86,722,000
(CUSIP No. 125896
AQ3)
Settlement of the Offers is expected to occur on July 23, 2009 or promptly thereafter (the "Settlement Date").
Holders of 7.75 percent Senior Notes due 2010 validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on July 7, 2009 (the "Early Tender Deadline"), which are accepted for payment will receive a payment of $1,050.00, which will include an early tender payment of $30.00, for each $1,000 principal amount of Notes tendered. Holders of 7.75 percent Senior Notes due 2010 tendered after the Early Tender Deadline and prior to 11:59 p.m., New York City time, on July 21, 2009 (the "Expiration Time"), and accepted for payment will receive a payment of $1,020.00 for each $1,000 principal amount of Notes tendered. Holders of 8.50 percent Senior Notes due 2011 validly tendered and not validly withdrawn prior to the Early Tender Deadline and accepted for payment will receive a payment of $1,037.50, which will include an early tender payment of $30.00, for each $1,000 principal amount of Notes tendered. Holders of 8.50 percent Senior Notes due 2011 tendered after the Early Tender Deadline and prior to the Expiration Time and accepted for payment will receive a payment of $1,007.50 for each $1,000 principal amount of Notes tendered. All such holders will also receive accrued and unpaid interest on the Notes accepted in the Offers to, but not including, the Settlement Date.
CMS retained Global Bondholder Services Corporation to act as depositary and information agent in connection with the Offers. CMS engaged Deutsche Bank Securities Inc. to act as dealer manager in connection with the Offers.
CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.
This news release contains forward-looking statements. The forward-looking statements are subject to risks and uncertainties. They should be read in conjunction with "FORWARD-LOOKING STATEMENTS AND INFORMATION" and "RISK FACTORS", each found in CMS Energy's Form 10-K for the year ended December 31, 2008 and Form 10-Q for the quarter ended March 31, 2009. CMS' "FORWARD-LOOKING STATEMENTS AND INFORMATION" and "RISK FACTORS" sections are incorporated herein by reference and discuss important factors that could cause CMS' results to differ materially from those anticipated in such statements.
For more information on CMS Energy, please visit our web site at: www.cmsenergy.com
SOURCE CMS Energy Corporation
