IRVING, Texas -- (Business Wire)
The Michaels Companies, Inc. (NASDAQ:MIK) (the “Company”) today
announced that its indirect, wholly owned subsidiary, Michaels Stores,
Inc. (the “Issuer”), intends to offer $500 million in aggregate
principal amount of Senior Notes due 2027 (the “Notes”). The Issuer
intends to use the net proceeds from the offering, together with cash on
hand, to redeem its existing 5.875% Senior Subordinated Notes due 2020.
The consummation of the offering is subject to market and other
conditions.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes. The Notes have not been, and
will not be, registered under the Securities Act of 1933, as amended
(the “Act”), or any state securities laws and may not be offered or sold
in the United States absent registration or an applicable exemption from
the registration requirements of the Act and other applicable securities
laws. Any offers of the Notes will be made only by means of a private
offering memorandum. This press release is being issued pursuant to and
in accordance with Rule 135c under the Act.
The Notes will be offered only to persons reasonably believed to be
qualified institutional buyers in the United States in reliance on Rule
144A under the Act and outside the United States pursuant to Regulation
S under the Act.
About The Michaels Companies, Inc.
The Michaels Companies, Inc. is North America's largest specialty
provider of arts, crafts, framing, floral, wall décor, and seasonal
merchandise for Makers and do-it-yourself home decorators. The Company
owns and operates more than 1,250 stores in 49 states and Canada.
Additionally, the Company serves customers through a variety of digital
platforms including Michaels.com, consumercrafts.com and
aaronbrothers.com. The Michaels Companies, Inc., also owns Artistree, a
manufacturer of high quality custom and specialty framing merchandise,
and Darice, a premier wholesale distributor in the craft, gift and decor
industry.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements.
Such statements involve a number of risks, uncertainties and other
factors, including the ability to consummate the offering on the terms
described or at all and potential changes in market conditions, which
could cause actual results to differ materially. There can be no
assurance that the Issuer will be able to complete the proposed offering
on the anticipated terms, or at all. You should not place undue reliance
on these forward-looking statements, which apply only as of the date of
this news release. Other risks and uncertainties are more fully
described in the Company’s filings with the Securities and Exchange
Commission, including the “Risk Factors’ Section of the Company’s Annual
Report on Form 10-K for the fiscal year ended February 2, 2019. We
intend these forward-looking statements to speak only as of the time of
this release and do not undertake to update or revise them as more
information becomes available, except as otherwise required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190617005575/en/
Contacts:
Investors:
Elaine Locke
972.409.1424
Locker1@michaels.com
ICR, Inc.
Caitlin Churchill, 203.682.8200
Caitlin.Churchill@icrinc.com
Financial Media
ICR, Inc.
Jessica Liddell / Julia Young
203.682.8200
Michaels@icrinc.com
Source: The Michaels Companies, Inc.
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