DEARBORN, Mich., March 28, 2003 – CMS Energy announced Wednesday that it has secured additional financing that will enhance the liquidity of its principal subsidiary, Consumers Energy.
A six-year, $140 million loan has been arranged with Beal Bank of Dallas, Texas, for Consumers Energy. The loan is secured by the utility’s first mortgage bonds. Proceeds from the loan will be used to support Consumers Energy’s liquidity position and for general corporate purposes.
“This is the initial step of a comprehensive financing plan that will substantially strengthen the liquidity position of Consumers Energy and CMS Energy,” said Thomas J. Webb, CMS Energy’s executive vice president and chief financial officer. “Upon completion of the plan, our financing needs for the immediate future will be addressed.”
CMS Energy Corporation is an integrated energy company, which has as its primary business operations an electric and natural gas utility, natural gas pipeline systems, and independent power generation.
For more information:: www.cmsenergy.com/