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Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item
Published on 6/27/2014 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Michaels to redeem $439 million of 7½%/8¼% PIK toggle notes

By Tali Rackner

Norfolk, Va., June 27 – Michaels Cos., Inc. plans to use proceeds from an initial public offering of common stock to redeem $439 million of 7½%/8¼% PIK toggle notes due 2018 issued by Michaels FinCo Holdings, LLC and Michaels FinCo, Inc., according to a 424B4 filing with the Securities and Exchange Commission.

The company will also use cash on hand to pay the make-whole premium of $4 million.

Michaels is an Irving, Texas-based retailer of arts and crafts supplies and home decor products.


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