CMS Energy ups tender cap to $330 million, announces early results for two senior notes series

By Jennifer Chiou

New York, July 8 - CMS Energy Inc. said it increased the tender cap in the cash offers for its $300 million of 7¾% senior notes due 2010 and $300.37 million of 8½% senior notes due 2011 to $330 million from $240 million.

CMS also said it received early tenders for $232,439,000 of the 7¾% notes and $85,854,000 of the 8½% notes.

The company will pay $1,050 for each $1,000 principal amount of its 7¾% notes and $1,037.50 for its 8½% notes, including a $30.00 premium for notes tendered by 5 p.m. ET on July 7, the early tender deadline.

The offer will expire at 11:59 p.m. ET on July 21. It began on June 23.

CMS also will pay accrued interest to the settlement date, which is expected to occur two business days after the expiration.

The offers are conditioned on the receipt of tenders of at least $180 million principal amount of the 7¾% notes.

The notes are listed in order of acceptance priority.

Global Bondholder Services Corp. (866 470-4300 or collect 212 430-3774) is the information agent. Deutsche Bank Securities Inc. (866 627-0391 or collect 212 250-2955, liability management group) is the dealer manager.

CMS is an electric and gas utility based in Jackson, Mich.

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