December 17, 2014 6:37 PM ET

Multi-Utilities

Company Overview of Consumers Energy Company

Company Overview

Consumers Energy Company operates as an electric and gas utility in Michigan, the United States. The company operates in two segments, Electric Utility and Gas Utility. The Electric Utility segment engages in the generation, purchase, distribution, and sale of electricity to residential, commercial, and industrial customers. It generates electricity from coal-fueled, gas-fueled, and oil–fueled power plants, as well as renewable sources, such as hydroelectric, landfill gas, biomass, and wind. The segment’s distribution system includes 421 miles of high-voltage distribution radial lines; 4,259 miles of high-voltage distribution overhead lines; 17 miles of high-voltage distribution underground ...

One Energy Plaza

Jackson, MI 49201

United States

Founded in 1886

7,114 Employees

Phone:

517-788-0550

Key Executives for Consumers Energy Company

Chief Executive Officer
Age: 56
Chief Financial Officer and Executive Vice President
Age: 61
Vice President of Generation Operations
Chief Accounting Officer
Age: 48
Chief Information Officer and Vice President
Compensation as of Fiscal Year 2014.

Consumers Energy Company Key Developments

Consumers Energy Company Announces Termination of Exchange Offers of $250 Million Aggregate Principal Amount of its Outstanding 6.70% First Mortgage Bonds Due 2019

Consumers Energy Company announced that it has terminated its previously announced private offers to exchange up to $250 million aggregate principal amount of its outstanding 6.70% First Mortgage Bonds due 2019 (the "6.70% Bonds") and 6.125% First Mortgage Bonds due 2019 for its newly issued First Mortgage Bonds due 2025, upon the terms and subject to the conditions set out in Consumers' offering memorandum dated November 6, 2014, as supplemented and related letter of transmittal. The Exchange Offers were subject to a minimum condition that no less than $250 million of New Bonds must be issuable in exchange for Old Bonds validly tendered (and not validly withdrawn) and accepted in the Exchange Offers. As of 5:00 p.m., New York City time, on November 20, 2014, the aggregate principal amount of Old Bonds validly tendered and not validly withdrawn, if accepted, would have been exchangeable for less than $250 million aggregate principal amount of New Bonds. Because the Minimum Tender Condition had not been met as of the Withdrawal Deadline, Consumers has elected to terminate the Exchange Offers pursuant to the terms and conditions set out in the Offering Memorandum. The Old Bonds tendered and not withdrawn in the Exchange Offers will not be accepted and will be promptly returned to their respective holders.

Consumers Energy Company Declares Quarterly Dividend on Preferred Stock, Payable on January 1, 2015

The Board of Directors of Consumers Energy has declared a quarterly dividend on the utility's preferred stock. The dividend is payable on January 1, 2015 to shareholders of record December 8, 2014: $1.125 per share on the $4.50 stock.

Consumers Energy Company Announces Exchange Offers for Certain Outstanding First Mortgage Bonds

Consumers Energy Company announced the commencement of private offers to exchange up to $250 million aggregate principal amount of its outstanding 6.70% First Mortgage Bonds due 2019 (the 6.70% Bonds) and 6.125% First Mortgage Bonds due 2019 (the 6.125% Bonds" and, together with the 6.70% Bonds, the Old Bonds) for its newly issued First Mortgage Bonds due 2025. The Exchange Offers will expire at 12:00 midnight, New York City time, at the end of the day on December 5, 2014, unless extended by Consumers. The Total Exchange Consideration for each series of Old Bonds, as well as the coupon rate for the New Bonds, will be calculated at 2:00 p.m., New York City time, on November 21, 2014, unless extended by Consumers. Eligible holders that validly tender and do not validly withdraw their Old Bonds at or prior to 5:00 p.m., New York City time, on November 20, 2014 (unless extended by Consumers, the Early Participation Date) that are accepted for exchange will be eligible to receive the applicable Total Exchange Consideration, which includes an early participation premium for the tendered Old Bonds. Eligible holders of Old Bonds who validly tender after the Early Participation Date, but at or prior to the Expiration Date, will be eligible to receive the applicable Exchange Consideration, which is the applicable Total Exchange Consideration minus the applicable Early Participation Premium. For each series of Old Bonds, the Total Exchange Consideration and Exchange Consideration will be paid in a principal amount of New Bonds equal to such Total Exchange Consideration or Exchange Consideration, respectively. Tenders of Old Bonds in the Exchange Offers may be validly withdrawn at any time at or prior to 5:00 p.m., New York City time, on November 20, 2014, unless extended by Consumers (the Withdrawal Deadline), but not thereafter, unless additional withdrawal rights are required by law. Subject to applicable law, Consumers, in its sole discretion, may extend the Early Participation Date or the Expiration Date for any reason, with or without extending the Withdrawal Deadline. The Total Exchange Consideration per $1,000 principal amount of each series of Old Bonds will be equal to the price (rounded to the nearest cent per $1,000 principal amount of Old Bonds), determined in accordance with standard market practice, as described in the Offering Memorandum, that equates to the yield to maturity (the Exchange Offer Yield) equal to the sum of: the applicable yield, as calculated by the lead dealer managers for the Exchange Offers in accordance with standard market practice, that equates to the bid-side price of the reference U.S. Treasury Security specified in the corresponding tables above for such series of Old Bonds appearing at the Price Determination Date on the Bloomberg reference page specified in the corresponding tables above for such series of Old Bonds (or any other recognized quotation source selected by the lead dealer managers in their sole discretion if such quotation report is not available or manifestly erroneous) plus the applicable fixed spread specified in the corresponding tables above for such series of Old Bonds.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 30, 2014
Clean-Burning Natural Gas Plant in Jackson
 

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