CMS Energy, Consumers restate loan maturity; Consumers lifts revolver

By Marisa Wong

Madison, Wis., Dec. 27 - CMS Energy Corp. amended and restated on Dec. 20 its $550 million secured revolving credit facility with a consortium of banks led by Barclays Bank plc, JPMorgan Securities LLC, Union Bank, NA, RBS Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc., according to an 8-K filing with the Securities and Exchange Commission.

Also on Dec. 20, subsidiary Consumers Energy Co. amended and restated its secured revolving credit facility with a consortium of banks led by JPMorgan, Barclays, Union Bank, RBS and Merrill Lynch.

Both the CMS and Consumers facilities have five-year terms that expire on Dec. 20, 2018 and replace revolving credit facilities that were set to expire in 2017.

The Consumers facility was also increased to $650 million from $500 million, and Consumers' $150 million third amended and restated revolving credit agreement dated April 18, 2012 was terminated.

The $500 million of existing obligations under the Consumers facility will continue to be secured by first mortgage bonds issued by Consumers under a supplemental indenture dated March 31, 2011 with Bank of New York Mellon as trustee. The $150 million of additional obligations will be secured by first mortgage bonds issued under a supplemental indenture dated Dec. 20 with Bank of New York Mellon as trustee.

Obligations under the CMS facility will continue to be secured by Consumers common stock under a pledge and security agreement dated March 31, 2011 with Barclays as administrative agent.

The electric and gas utilities are based in Jackson, Mich.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.