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v2.3.0.11

Financings (Tables) | 6 Months Ended
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Jun. 30, 2011
Summary of Major Long-term Debt transactions |
|  | Principal |  |  |  |  |  |  | Issue/Retirement |  |  |  |
|  | (In Millions) |  |  | Interest Rate |  |  | Date |  |  | Maturity Date |
Debt Issuances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes |  | $ | 250 |  |  |  | 2.75 | % |  | May 2011 |  |  | May 2014 |
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt bonds1 |  |  | 68 |  |  | Variable |  |  | May 2011 |  |  | April 2018 |
Tax-exempt bonds1 |  |  | 35 |  |  | Variable |  |  | May 2011 |  |  | April 2035 |
Total |  | $ | 353 |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Retirements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt bonds1 |  | $ | 68 |  |  | Variable |  |  | May 2011 |  |  | April 2018 |
Tax-exempt bonds1 |  |  | 35 |  |  | Variable |  |  | May 2011 |  |  | April 2035 |
Total |  | $ | 103 |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | In May 2011, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35 million of tax-exempt Michigan Strategic Fund Variable Rate Limited Obligation Revenue Bonds. The initial interest rate, which resets weekly, was 0.26 percent for the $68 million bond issuance and 0.28 percent for the $35 million bond issuance. The bonds, which are backed by letters of credit and collateralized by FMBs, are subject to optional tender by the holders that would result in remarketing. Consumers used the proceeds to redeem $103 million of tax-exempt bonds in May 2011.
Revolving Credit Facilities |
In Millions |
|  | Amount of |  |  | Amount |  |  | Letters of Credit |  |  | Amount |
Expiration Date |  | Facility |  |  | Borrowed |  |  | Outstanding |  |  | Available |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 20161 |  | $ | 550 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 547 |
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 20162, 3 |  | $ | 500 |  |  | $ | — |  |  | $ | 189 |  |  | $ | 311 |
August 9, 20133 |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |
September 21, 20114 |  |  | 30 |  |  |  | — |  |  |  | 30 |  |  |  | — |
1 |  | On March 31, 2011, CMS Energy entered into a $550 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaces CMS Energy's revolving credit facility that was set to expire in 2012. Obligations under this facility are secured by Consumers common stock.
|  | CMS Energy's average borrowings during the six months ended June 30, 2011 totaled $11 million, with a weighted-average annual interest rate of 2.22 percent, representing LIBOR plus 2.00 percent
2 |  | On March 31, 2011, Consumers entered into a $500 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaces Consumers' revolving credit facility that was set to expire in 2012.
3 |  | Obligations under this facility are secured by FMBs of Consumers.
4 |  | Secured revolving letter of credit facility.
Contingently Convertible Securities |
|  |  |  |  |  | Outstanding |  |  | Adjusted |  |  | Adjusted |
Security |  | Maturity |  |  | (In Millions) |  |  | Conversion Price |  |  | Trigger Price |
2.875% senior notes |  |  | 2024 |  |  | $ | 288 |  |  | $ | 12.81 |  |  | $ | 15.37 |
5.50% senior notes |  |  | 2029 |  |  |  | 172 |  |  |  | 14.26 |  |  |  | 18.54 |
Conversions of Contingently Convertible Securities Details |
3.375% contingently |  |  |  |  |  | Principal |  |  | Conversion Value |  |  | Common |  |  | Cash Paid on |
convertible senior notes |  | Conversion |  |  | Converted |  |  | per $1,000 of |  |  | Stock Issued |  |  | Settlement |
due 2023 |  | Date |  |  | (In Millions) |  |  | principal |  |  | on Settlement |  |  | (In Millions) |
Voluntary conversion |  | January 2011 |  |  | $ | 4 |  |  | $ | 1,994.21 |  |  |  | 197,472 |  |  | $ | 4 |
Consumers Energy Company [Member] |
Summary of Major Long-term Debt transactions |
|  | Principal |  |  |  |  |  |  | Issue/Retirement |  |  |  |
|  | (In Millions) |  |  | Interest Rate |  |  | Date |  |  | Maturity Date |
Debt Issuances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes |  | $ | 250 |  |  |  | 2.75 | % |  | May 2011 |  |  | May 2014 |
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt bonds1 |  |  | 68 |  |  | Variable |  |  | May 2011 |  |  | April 2018 |
Tax-exempt bonds1 |  |  | 35 |  |  | Variable |  |  | May 2011 |  |  | April 2035 |
Total |  | $ | 353 |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Retirements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt bonds1 |  | $ | 68 |  |  | Variable |  |  | May 2011 |  |  | April 2018 |
Tax-exempt bonds1 |  |  | 35 |  |  | Variable |  |  | May 2011 |  |  | April 2035 |
Total |  | $ | 103 |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | In May 2011, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35 million of tax-exempt Michigan Strategic Fund Variable Rate Limited Obligation Revenue Bonds. The initial interest rate, which resets weekly, was 0.26 percent for the $68 million bond issuance and 0.28 percent for the $35 million bond issuance. The bonds, which are backed by letters of credit and collateralized by FMBs, are subject to optional tender by the holders that would result in remarketing. Consumers used the proceeds to redeem $103 million of tax-exempt bonds in May 2011.
Revolving Credit Facilities |
In Millions |
|  | Amount of |  |  | Amount |  |  | Letters of Credit |  |  | Amount |
Expiration Date |  | Facility |  |  | Borrowed |  |  | Outstanding |  |  | Available |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 20161 |  | $ | 550 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 547 |
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 20162, 3 |  | $ | 500 |  |  | $ | — |  |  | $ | 189 |  |  | $ | 311 |
August 9, 20133 |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |
September 21, 20114 |  |  | 30 |  |  |  | — |  |  |  | 30 |  |  |  | — |
1 |  | On March 31, 2011, CMS Energy entered into a $550 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaces CMS Energy's revolving credit facility that was set to expire in 2012. Obligations under this facility are secured by Consumers common stock.
|  | CMS Energy's average borrowings during the six months ended June 30, 2011 totaled $11 million, with a weighted-average annual interest rate of 2.22 percent, representing LIBOR plus 2.00 percent
2 |  | On March 31, 2011, Consumers entered into a $500 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaces Consumers' revolving credit facility that was set to expire in 2012.
3 |  | Obligations under this facility are secured by FMBs of Consumers.
4 |  | Secured revolving letter of credit facility.

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