<SEC-DOCUMENT>0001104659-24-083554.txt : 20240729
<SEC-HEADER>0001104659-24-083554.hdr.sgml : 20240729
<ACCEPTANCE-DATETIME>20240729162827
ACCESSION NUMBER:		0001104659-24-083554
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240729
DATE AS OF CHANGE:		20240729

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMERS ENERGY CO
		CENTRAL INDEX KEY:			0000201533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				380442310
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-270060-01
		FILM NUMBER:		241152798

	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]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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
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<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Filed under Rule&nbsp;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>File No.&nbsp;333-270060-01</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">July&nbsp;29, 2024</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Issuer:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Consumers Energy Company</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Securities:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">4.70% First Mortgage Bonds due 2030</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%; text-align: left">Aggregate Principal Amount Offered:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left">$700,000,000</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Maturity Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">January 15, 2030</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Coupon:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">4.70%</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Yield to Maturity:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">4.748%</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Spread to Benchmark Treasury:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">+68 basis points</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Benchmark Treasury Security:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">4.000% due July&nbsp;31, 2029</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Benchmark Treasury Price and Yield:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">99-22 &frac14;; 4.068%</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Interest Payment Dates:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">January&nbsp;15 and July&nbsp;15</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">First Interest Payment Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">January&nbsp;15, 2025</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Record Dates:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">January&nbsp;1 and July&nbsp;1</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Public Offering Price:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">99.775% of the principal amount</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Optional Redemption:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Make-whole call at any time prior to November&nbsp;15, 2029
    at the Treasury rate plus 15 basis points and, thereafter, at par</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Trade Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">July&nbsp;29, 2024</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Settlement Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">August&nbsp;5, 2024 (T+5)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Expected Ratings</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">(Moody&rsquo;s / S&amp;P / Fitch):</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left">A1 (stable) / A (stable) / A+ (stable)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">Note<FONT STYLE="font-weight: normal">:
    A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time</FONT></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Joint Book-Running Managers:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Securities Americas Inc.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Scotia Capital (USA) Inc.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SMBC Nikko Securities America,&nbsp;Inc.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Co-Managers:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Comerica Securities,&nbsp;Inc.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">KeyBanc Capital Markets Inc.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Loop Capital Markets LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">CUSIP/ISIN:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">210518 DX1 / US210518DX16</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><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 J.P. Morgan Securities LLC collect at (212) 834-4533, MUFG Securities Americas Inc. toll-free at (877) 649-6848 or Wells Fargo
Securities, LLC toll-free at (800) 645-3751.</B></P>

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

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

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