Michaels Stores moves up deadline for $850 million term loan to Friday

By Paul A. Harris

Portland, Ore., June 5 – Michaels Stores Inc. set a noon ET Friday deadline for commitments on its $850 million covenant-light term loan due January 2020, according to a market source.

That moves timing ahead from the previously announced June 10 deadline.

The deal comes with price talk of Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 99 to 99˝.

The term loan has 101 soft call protection for six months.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Barclays, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Wells Fargo Securities LLC, Guggenheim and Macquarie Capital (USA) Inc. are the leads on the deal.

Proceeds will be used to refinance the company’s existing senior notes due 2018.

Michaels Stores is an Irving, Texas-based arts and crafts specialty retailer.

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