Michaels Stores pays down $50 million of senior term loan borrowings

By Sara Rosenberg

New York, Feb. 17 - Michaels Stores Inc. prepaid $50 million of its senior secured term loan after its fiscal year ended on Jan. 29, according to a news release.

And, during the fiscal year that just came to a close, the company paid down $228 million of the term loan. These repayments include an excess cash flow payment of $118 million made in the first quarter and voluntary prepayments totaling $110 million made during the fourth quarter.

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

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