Michaels Stores starts roadshow for $500 million eight-year notes

By Paul A. Harris

Portland, Ore., June 17 – Michaels Stores, Inc. began a brief roadshow on Monday for a $500 million offering of eight-year senior notes (existing ratings B1/B), according to a syndicate source.

A New York conference call and investor lunch are scheduled at 12:30 p.m. ET on Tuesday.

The roadshow runs through Wednesday.

BofA Securities Inc., Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

BB&T Capital Markets, SunTrust Robinson Humphrey Inc. and UBS Investment Bank are the co-managers.

The Rule 144A for life notes become callable after three years at par plus 50% of the coupon, and feature a three-year 40% equity clawback and a 101% poison put.

The Irving, Tex.-based craft store chain plans to use the proceeds, together with cash on hand, to redeem its 5 7/8% senior subordinated notes due 2020.

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