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In a recent move, Consumers Energy Company has successfully issued and sold bonds totaling $1.125 billion. On Thursday, the Michigan-based electric and other services provider announced the sale of $500 million in 4.50% First Mortgage Bonds due in 2031, and $625 million in 5.05% First Mortgage Bonds due in 2035.
The bonds were sold pursuant to a previously filed registration statement using a shelf registration process. The net proceeds from the sale are intended for general corporate purposes, as per the information disclosed in a Form 8-K filed with the SEC today.
The offering was facilitated by an underwriting agreement with several financial institutions, including Citigroup (NYSE:C) Global Markets Inc., Morgan Stanley & Co (NYSE:MS). LLC, and others as underwriters. The agreement was executed in conjunction with a Preliminary Prospectus Supplement and a Final Prospectus Supplement, which outlined the terms of the transaction.
Consumers Energy has stated that the issuance of these bonds is in connection with the offering as exhibits to the Registration Statement. This strategic financial maneuver is part of the company’s broader efforts to secure funding for its corporate initiatives.
This report is based on a press release statement and provides an overview of the key financial transactions undertaken by Consumers Energy Company.
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