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Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item
Published on 11/10/2014 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Michaels plans redemption of 7½%/8¼% PIK toggle notes on Dec. 10

By Jennifer Chiou

New York, Nov. 10 – Michaels Cos., Inc. announced a Dec. 10 redemption date for $180 million of the $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 redemption price will be 102 plus accrued interest.

When the redemption was announced in June, the company said it planned to use proceeds from an initial public offering of common stock as well as 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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