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Michaels Stores shops $2.23 billion term B at Libor plus 225-250 bps
By Sara Rosenberg
New York, May 15 – Michaels Stores Inc. held a lender call on Tuesday to launch a $2,226,000,000 term loan B due January 2023 that is talked at Libor plus 225 basis points to 250 bps with a 1% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
J.P. Morgan Securities LLC is the lead bank on the deal.
Commitments are due on Thursday, the source added.
Proceeds will be used to reprice an existing term loan down from Libor plus 275 bps with a 1% Libor floor.
Michaels Stores is an Irving, Texas-based arts & crafts specialty retailer.
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