Michaels Stores pricing $260 million senior subordinated notes Monday

By Paul A. Harris

Portland, Ore., Dec. 16 - Michaels Stores, Inc. plans to price a $260 million offering of senior subordinated notes due 2020 (expected ratings Caa1/CCC+) on Monday following a mid-morning conference call with investors, according to a market source.

Deutsche Bank Securities Inc., Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Guggenheim and Macquarie Capital (USA) Inc. are the joint bookrunners for the private offering.

The notes come with three years of call protection.

The Irving, Texas-based specialty retailer plans to use the proceeds to redeem its 11 3/8% senior subordinated notes due 2016.

© 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.