<SEC-DOCUMENT>0001104659-21-098817.txt : 20210802
<SEC-HEADER>0001104659-21-098817.hdr.sgml : 20210802
<ACCEPTANCE-DATETIME>20210802154907
ACCESSION NUMBER:		0001104659-21-098817
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210802
DATE AS OF CHANGE:		20210802

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMERS ENERGY CO
		CENTRAL INDEX KEY:			0000201533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				380442310
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236742-01
		FILM NUMBER:		211135904

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSUMERS POWER CO
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMERS ENERGY CO
		CENTRAL INDEX KEY:			0000201533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				380442310
		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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSUMERS POWER CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>tm2123726d2_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed
under Rule 433</B></FONT><BR>
<B>File No. 333-236742-01</B></P>

<P STYLE="margin: 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">August 2, 2021</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">Issuer:</TD>
    <TD STYLE="width: 70%">Consumers Energy Company</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Securities:</TD>
    <TD>2.65% First Mortgage Bonds due 2052</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Aggregate Principal Amount Offered:</TD>
    <TD>$300,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Maturity Date:</TD>
    <TD>August 15, 2052</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Coupon: </TD>
    <TD>2.65%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Yield to Maturity: </TD>
    <TD>2.654%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Spread to Benchmark Treasury: </TD>
    <TD>+78 basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benchmark Treasury Security: </TD>
    <TD>1.875% due February 15, 2051</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benchmark Treasury Price and Yield: </TD>
    <TD>100-01; 1.874%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Interest Payment Dates:</TD>
    <TD>February 15 and August 15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>First Interest Payment Date: </TD>
    <TD>February 15, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Record Dates:</TD>
    <TD>February 1 and August 1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Public Offering Price: </TD>
    <TD>99.916%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Optional Redemption:</TD>
    <TD STYLE="text-align: left">Make-whole call at any time prior to February 15, 2052 at the Treasury rate plus 15 basis points and, thereafter, at par</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Trade Date:</TD>
    <TD>August 2, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Settlement Date:</TD>
    <TD>August 12, 2021 (T+8)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Expected Ratings</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(Moody&rsquo;s / S&amp;P / Fitch):</TD>
    <TD>A1 (stable) / A (stable) / A+ (stable)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><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>Barclays Capital Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>J.P. Morgan Securities LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Mizuho Securities USA LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>MUFG Securities Americas Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Deutsche Bank Securities Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Co-Managers:</TD>
    <TD>Comerica Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Academy Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>CUSIP/ISIN:</TD>
    <TD>210518 DN3 / US210518DN34</TD></TR>
  </TABLE>

<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"><B>Consumers Energy Company 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 Consumers
Energy Company has filed with the SEC for more complete information about Consumers Energy Company and this offering. You may get these
documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Consumers Energy Company, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll-free
at (888) 603-5847, J.P. Morgan Securities LLC collect at (212) 834-4533, Mizuho Securities USA LLC toll-free at (866) 271-7403 or MUFG
Securities Americas Inc. toll-free at (877) 649-6848.</B></P>

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

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