Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Michaels Stores Inc. > News item |
Michaels Stores' $1.64 billion loan spread cut to Libor plus 275 bps
By Sara Rosenberg
New York, Jan. 23 - Michaels Stores Inc. reduced pricing on its $1.64 billion seven-year covenant-light term loan B (B1/BB-) to Libor plus 275 basis points from talk of Libor plus 300 bps to 325 bps, according to a market source.
In addition, a step-down was added to the loan to Libor plus 250 bps when net senior secured is below 1.5 times.
Furthermore, the offer price on the loan was revised to par from 993/4, the source added.
The 1% Libor floor was left unchanged.
In addition, the 18-month MFN sunset was removed from the loan.
Recommitments were due at 5 p.m. on Wednesday, the source added.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.