Business: CMS Energy Corp., 5.625% Junior Subordinated Notes due 2078, issued in $25 denominations, redeemable at the issuer's option on or after 3/15/2023 at $25 per note plus accrued and unpaid interest, and maturing 3/15/2078. Interest distributions of 5.625% per annum ($1.40625 per annum or $0.3515625 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be fifteen calendar days prior to the payment date. (NOTE: the ex-dividend date is one business day prior to the record date). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The issuer may, on one or more occasions, defer the quarterly interest payments on the Notes for up to 40 consecutive quarterly periods, unless an event of default under the Notes has occurred (see prospectus for details). The issuer may redeem the Notes at any time before 3/15/2023 if certain changes in tax laws, regulations or interpretations occur at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest. If a rating agency event occurs he issuer may redeem the Notes at its option at any time before 3/15/2023 at a redemption price equal to 102% of the principal amount of the Notes, plus accrued and unpaid interest (see prospectus for further information). Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. This security was rated as Baa2 by Moody’s and BBB- by S&P at the date of its IPO. The Notes are unsecured, subordinated obligations of the company and will rank equally with all existing and future unsecured, subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.