Michaels Stores to start roadshow Thursday for $1.075 billion two-part note offering

By Paul A. Harris

St. Louis, Oct. 11 - Michael's Stores, Inc. will begin a roadshow on Thursday for its $1.075 billion two-part offering of high-yield notes, according to an informed source.

The roadshow is set to conclude on Oct. 23, with pricing expected on Oct. 24.

The Irving, Texas-based specialty retailer is offering $750 million of eight-year senior notes (B2/CCC), which will come with four years of call protection, and $325 million of 10-year senior subordinated notes (Caa1/CCC), which will come with five years of call protection.

Deutsche Bank Securities is the left bookrunner for the Rule 144A notes. JP Morgan, Banc of America Securities LLC and Credit Suisse are joint bookrunners.

The company will also put in place a $3.4 billion credit facility.

Proceeds will be used to help fund the leveraged buyout of the company by Bain Capital and The Blackstone Group.

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