Filed under Rule 433
File No. 333-236742
 
Final Term Sheet
 
November 19, 2020

Issuer:	 	CMS Energy Corporation	
 	 	 	
Security:	 	3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050 (the “Notes”)	
 	 	 	
Aggregate Principal Amount Offered:	 	$400,000,000	
 	 	 	
Maturity Date:	 	December 1, 2050	
 	 	 	
Coupon:	 	(i) 3.75% per annum, accruing from and including November 25, 2020 to, but not including, the First Reset Date; and (ii) at a rate per annum equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus 2.90%, to be reset on each Reset Date, from and including the First Reset Date to, but not including, the Maturity Date	
 	 	 	
Interest Payment Dates:	 	June 1 and December 1, subject to deferral	
 	 	 	
First Interest Payment Date:	 	June 1, 2021	
 	 	 	
Public Offering Price:	 	100%	
 	 	 	
First Reset Date:	 	December 1, 2030	
 	 	 	
Reset Date:	 	The First Reset Date and each date falling on the five-year anniversary of the preceding Reset Date	
 	 	 	
Par Call Period:	 	The three-month period prior to and including a Reset Date	
 	 	 	
Make-Whole Call:	 	At any time on or after December 1, 2025, other than during any Par Call Period, in whole or in part, at the adjusted treasury rate plus 45 basis points, plus accrued and unpaid interest to, but not including, the redemption date	
 	 	 	
Par Call:	 	During any Par Call Period, in whole or in part, at 100% plus accrued and unpaid interest to, but not including, the redemption date	
 	 	 	
Tax Event Call:	 	At any time, 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, in whole but not in part, at 102% plus accrued and unpaid interest to, but not including, the redemption date	
 	 	 	
Trade Date:	 	November 19, 2020	
 	 	 	
Settlement Date:	 	November 25, 2020 (T+4)	
 	 	 	
Expected Ratings	 	 	
(Moody’s / S&P / Fitch):	 	Baa2 (negative) / BBB- (stable) / BB+ (stable)	
 	 	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	
 
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Joint Book-Running Managers:	 	Barclays Capital Inc.	
 	 	J.P. Morgan Securities LLC	
 	 	Truist Securities, Inc.	
 	 	Wells Fargo Securities, LLC	
 	 	PNC Capital Markets LLC	
 	 	 	
Co-Manager:	 	Loop Capital Markets LLC	
 	 	 	
CUSIP / ISIN:	 	125896 BV1 / US125896BV12	
 
CMS Energy Corporation has filed a registration statement (including a prospectus, as supplemented) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates.  Before you invest, you should read the prospectus (as supplemented) in that registration statement and other documents CMS Energy Corporation has filed with the SEC for more complete information about CMS Energy Corporation and this offering.  You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.  Alternatively, CMS Energy Corporation, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll-free at (888) 603-5847, J.P. Morgan Securities LLC collect at (212) 834-4533, Truist Securities, Inc. toll-free at (800) 685-4786 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.
 
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded.  Such disclaimers were automatically generated as a result of this communication being sent via email or another communication system.
 
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