CMS Energy to sell $200m of convertible senior notes

The Michigan-based company will use the net proceeds from the offering to redeem $180 million of outstanding 7% extendible tenor rate-adjusted securities, plus accrued but unpaid interest and any associated option payment.

The notes will be convertible at the option of the holder under certain circumstances before maturity into cash and shares of CMS’s common stock at a conversion price to be determined. The underwriters of the notes have an option for a period of 30 days to buy up to a further