Michaels Stores $1.4 billion bonds expected September business

By Paul A. Harris

St. Louis, Aug. 16 - Michaels Stores Inc. is expected to sell about $1.4 billion of high-yield bonds during September, according to a market source.

Approximately half of the deal is expected to come in the form of senior notes with the other half to be comprised of senior subordinated notes.

The bond transaction will be led by Deutsche Bank Securities, JP Morgan and Banc of America Securities LLC, the source added.

The company will also obtain a $3.4 billion credit facility.

Proceeds will be used to help fund the leveraged buyout of the company by Bain Capital and The Blackstone Group.

Michaels Stores is an Irving, Texas, specialty retailer of arts, crafts, framing, floral, wall decor and seasonal merchandise for the hobbyist and do-it-yourself home decorator.

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