Issuer:

CMS Energy Corporation

Security:

5.875% Junior Subordinated Notes due 2078 (the “Notes”)

Aggregate Principal Amount Offered:

$250,000,000 (excluding the underwriters’ option to purchase up to $37,500,000 of additional aggregate principal amount of Notes to cover over-allotments, if any)

Maturity Date:

October 15, 2078

Coupon:

5.875%

Interest Payment Dates:

January 15, April 15, July 15 and October 15, subject to deferral

First Interest Payment Date:

January 15, 2019

Public Offering Price:

$25.00 per Note

Par Call:

At any time, in whole or in part, on or after October 15, 2023, at 100% plus accrued and unpaid interest to, but not including, the redemption date

Tax Event Call:

At any time prior to October 15, 2023, in whole but not in part, at 100% plus accrued and unpaid interest to, but not including, the redemption date

Rating Agency Call:

At any time prior to October 15, 2023, in whole but not in part, at 102% plus accrued and unpaid interest to, but not including, the redemption date

Trade Date:

September 20, 2018

Settlement Date:

September 26, 2018 (T+4)

Expected Listing:

NYSE

Expected Ratings:

Baa2 / BBB- / BB+ (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 Lead Managers:

Merrill Lynch, Pierce, Fenner & Smith
Incorporated

Morgan Stanley & Co. LLC

Wells Fargo Securities, LLC

Joint Lead Managers:

Citigroup Global Markets Inc.

RBC Capital Markets, LLC

Co-Managers:

Deutsche Bank Securities Inc.

Samuel A. Ramirez & Company, Inc.

CUSIP / ISIN:

125896 852 / US1258968528