Michaels Stores launches term loan repricing

By Sara Rosenberg

New York, Jan. 16 - Michaels Stores Inc. held a conference call at 2:30 p.m. ET on Tuesday to launch a repricing of its covenant-light term loan, according to a market source.

Deutsche Bank is the lead bank on the deal.

Under the proposal, the company is looking to reduce pricing on its term loan to Libor plus 275 basis points from Libor plus 300 bps, the source said.

The company will also pay down $50 million of the term loan and reduce outstanding borrowings under its asset-based revolving credit facility.

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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