The Michaels Companies, Inc. (NASDAQ: MIK) (the “Company”) today announced that its indirect, wholly owned subsidiary, Michaels Stores, Inc. (the “Issuer”), intends to offer $500 million in aggregate principal amount of Senior Secured Notes due 2027 (the “Notes”). The Notes are expected to be guaranteed by the Issuer’s parent and substantially all of its subsidiaries. The Issuer intends to use the net proceeds from the offering, together with borrowings under a proposed term loan and cash on hand, to refinance the Issuer’s existing term loan and to pay related fees and expenses. The consummation of the offering is subject to market and other conditions.
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