<SEC-DOCUMENT>0001104659-21-085075.txt : 20210624
<SEC-HEADER>0001104659-21-085075.hdr.sgml : 20210624
<ACCEPTANCE-DATETIME>20210624154300
ACCESSION NUMBER:		0001104659-21-085075
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210624
DATE AS OF CHANGE:		20210624

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CMS ENERGY CORP
		CENTRAL INDEX KEY:			0000811156
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				382726431
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236742
		FILM NUMBER:		211042741

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		5177880550

	MAIL ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CMS ENERGY CORP
		CENTRAL INDEX KEY:			0000811156
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				382726431
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		5177880550

	MAIL ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2120369d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed under Rule 433</B><BR>
<B>File No. 333-236742</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Final Term Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June 24, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%">Issuer:</TD><TD STYLE="width: 70%">CMS Energy Corporation (the &ldquo;Issuer&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Security:</TD><TD>Depositary Shares (&ldquo;Depositary Shares&rdquo;), each representing a 1/1,000th interest in a share of Issuer&rsquo;s 4.200% Cumulative
Redeemable Perpetual Preferred Stock, Series C (&ldquo;Preferred Stock&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>Authorized Shares of Preferred Stock:</TD>
  <TD>9,200</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>Liquidation Preference:</TD>
  <TD>$25,000 per share of Preferred Stock (equivalent to $25.00 per Depositary Share) plus accumulated and unpaid dividends</TD></TR>

<TR STYLE="vertical-align: top">
<TD>Size:</TD><TD>$230,000,000 (9,200,000 Depositary Shares)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Term:</TD><TD>Perpetual</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>Dividend Rate (Cumulative):</TD>
  <TD>4.200% per annum</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>Dividend Payment Dates:</TD>
  <TD>Quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on October 15, 2021</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>Optional Redemption:</TD>
  <TD>Issuer may, at its option, redeem the Preferred Stock:</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 0.5in; text-indent: -10pt; width: 30%">Par Call:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 3%">&bull;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 67%">in whole or in part, from time to time, on or after July 15, 2026, at a redemption price in cash equal to $25,000 per share of Preferred
Stock (equivalent to $25.00 per Depositary Share); or</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 0.5in; text-indent: -10pt; width: 30%">Ratings Event Call:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 3%">&bull;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 67%">in whole but not in part, at any time within 120 days after the conclusion of any review or appeal process instituted by Issuer following
the occurrence of a Ratings Event (as defined in Issuer&rsquo;s Preliminary Prospectus Supplement dated June 24, 2021), or, if no review
or appeal process is available or sought with respect to such Ratings Event, at any time within 120 days after the occurrence of such
Ratings Event, at a redemption price in cash equal to $25,500 per share of Preferred Stock (equivalent to $25.50 per Depositary Share)</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="text-align: justify; width: 70%">plus, in each case, but subject to certain exceptions, all accumulated and unpaid dividends (whether
                                                                                  or not declared) to, but excluding, the redemption date</TD>
</TR>
<TR STYLE="vertical-align: top">
  <TD>Public Offering Price:</TD>
  <TD>100.000% ($25.00 per Depositary Share)</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>Underwriting Discount:</TD>
  <TD>$0.7875 per Depositary Share for retail investors<BR>
$0.5000 per Depositary Share for institutional investors</TD></TR>

<TR STYLE="vertical-align: top">
<TD>Listing:</TD><TD>Issuer intends to apply for listing of the Depositary</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207pt"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="text-align: justify; width: 70%">Shares on the New York Stock Exchange and, if the application
is approved, expects trading to commence within 30 days following initial issuance</TD>
</TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Option to Purchase Additional Shares:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">None</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Trade Date:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">June 24, 2021</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Settlement Date*:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">July 1, 2021 (T+5)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207pt; text-indent: -207pt">Expected Ratings</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 30%">(Moody&rsquo;s / S&amp;P / Fitch):</TD>
  <TD STYLE="width: 70%">Ba1 (stable) / BBB- (stable) / BB+ (stable)<BR>
<B>Note:</B> A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal
at any time</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>Joint Book-Running Managers:</TD>
  <TD>BofA Securities, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Morgan Stanley &amp; Co. LLC</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>RBC Capital Markets, LLC</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Wells Fargo Securities, LLC</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Co-Managers:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Fifth Third Securities, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">KeyBanc Capital Markets Inc.</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">SMBC Nikko Securities America, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Cabrera Capital Markets, LLC</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">CUSIP / ISIN:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">125896 837 / US1258968379</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207.35pt; text-indent: -207.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* It is expected that delivery of the Depositary Shares will be made
on or about July 1, 2021, which will be the fifth business day (T+5) following the date hereof. Under Rule 15c6-1 under the Securities
Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days (T+2), unless the parties to
any such trade expressly agree otherwise. Accordingly, the purchasers who wish to trade the Depositary Shares prior to the second business
day prior to settlement will be required to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement
and should consult their own advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issuer has filed a registration statement (including a prospectus,
as supplemented) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) 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 Issuer has filed
with the SEC for more complete information about Issuer and the offering. You may get these documents for free by visiting EDGAR on the
SEC website at www.sec.gov. Alternatively, Issuer, any underwriter or any dealer participating in the offering will arrange to send you
the prospectus if you request it by calling BofA Securities, Inc. toll-free at 800-294-1322 or by email at dg.prospectus_requests@bofa.com,
Morgan Stanley &amp; Co. LLC toll-free at 866-718-1649, RBC Capital Markets, LLC toll-free at 866-375-6829 or Wells Fargo Securities,
LLC toll-free at 800-645-3751.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: NewSection Last; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
