Issuer:

Consumers Energy Company

Securities:

3.10% First Mortgage Bonds due 2050

Aggregate Principal Amount Offered:

$550,000,000

Maturity Date:

August 15, 2050

Coupon:

3.10%

Yield to Maturity:

3.136%

Spread to Benchmark Treasury:

+105 basis points

Benchmark Treasury Security:

2.875% due May 15, 2049

Benchmark Treasury Price and Yield:

117-13+; 2.086%

Interest Payment Dates:

February 15 and August 15

First Interest Payment Date:

February 15, 2020

Public Offering Price:

99.291%

Optional Redemption:

Make-whole call at any time prior to February 15, 2050 at the Treasury rate plus 20 basis points and, thereafter, at par

Trade Date:

August 19, 2019

Settlement Date:

September 3, 2019 (T+10)

Expected Ratings:

Aa3 / A / A+ (Moody’s / S&P / Fitch)

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time

Joint Book-Running Managers:

BNP Paribas Securities Corp.

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

KeyBanc Capital Markets Inc.

Mizuho Securities USA LLC

MUFG Securities Americas Inc.

SMBC Nikko Securities America, Inc.

Co-Managers:

Comerica Securities, Inc.

Loop Capital Markets LLC

U.S. Bancorp Investments, Inc.

The Williams Capital Group, L.P.

CUSIP/ISIN:

210518 DF0 / US210518DF00