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Financings (Tables) | 9 Months Ended
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Sep. 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  | $ | 146 |  |  |  | 8.5 | % |  | April 2011 |  | April 2011
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuclear fuel disposal liability2 |  |  | 163 |  |  | Variable |  | July 2011 |  |  | — |
Tax-exempt bonds1 |  |  | 68 |  |  | Variable |  | May 2011 |  | April 2018
Tax-exempt bonds1 |  |  | 35 |  |  | Variable |  | May 2011 |  | April 2035
Total |  | $ | 412 |  |  |  |  |  |  |  |  |  |  |  |  |
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. 2 In July 2011, Consumers settled its nuclear fuel disposal liability with the DOE. For additional details, see the "Consumers' Electric Utility Contingencies — Nuclear Matters" section in Note 3, Contingencies and Commitments.
Revolving Credit Facilities |
In Millions |
|  |  |  |  |  |  |  |  |  | Letters of Credit |  |  |  |
Expiration Date |  | Amount of Facility |  |  | Amount Borrowed |  |  | Outstanding |  |  | Amount Available |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 20161 |  | $ | 550 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 547 |
Consumers |  |
March 31, 20162, 3 |  | $ | 500 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 499 |
August 9, 20133 |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |
September 9, 20143,4 |  |  | 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 nine months ended September 30, 2011 totaled $14 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 Conversion |  |  | Adjusted |
Security |  | Maturity |  |  | (In Millions) |  |  | Price |  |  | Trigger Price |
2.875% senior notes |  |  | 2024 |  |  | $ | 288 |  |  | $ | 12.67 |  |  | $ | 15.20 |
5.50% senior notes |  |  | 2029 |  |  |  | 172 |  |  |  | 14.26 |  |  |  | 18.54 |
Conversions of Contingently Convertible Securities Details |
3.375%contingently |  |  |  |  |  |  |  | Conversion Value |  |  |  |  |  | Cash Paid on
convertible senior |  |  |  | Principal Converted |  | per $1,000 of |  | Common Stock Issued |  | Settlement
notes due 2023 |  | Conversion 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuclear fuel disposal liability2 |  | $ | 163 |  |  | Variable |  | July 2011 |  |  | — |
Tax-exempt bonds1 |  |  | 68 |  |  | Variable |  | May 2011 |  | April 2018
Tax-exempt bonds1 |  |  | 35 |  |  | Variable |  | May 2011 |  | April 2035
Total |  | $ | 266 |  |  |  |  |  |  |  |  |  |  |  |  |
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. 2 In July 2011, Consumers settled its nuclear fuel disposal liability with the DOE. For additional details, see the "Consumers' Electric Utility Contingencies — Nuclear Matters" section in Note 3, Contingencies and Commitments.
Revolving Credit Facilities |
In Millions |
|  |  |  |  |  |  |  |  |  | Letters of Credit |  |  |  |
Expiration Date |  | Amount of Facility |  |  | Amount Borrowed |  |  | Outstanding |  |  | Amount Available |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 20161 |  | $ | 550 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 547 |
Consumers |  |
March 31, 20162, 3 |  | $ | 500 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 499 |
August 9, 20133 |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |
September 9, 20143 |  |  | 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 nine months ended September 30, 2011 totaled $14 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.

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