Michaels Stores eyes calling 5 7/8% subordinated notes due 2020

By Wendy Van Sickle

Columbus, Ohio, June 17 – Michaels Stores Inc. plans to redeem its 5 7/8% senior subordinated notes due 2020 with proceeds of a $500 million new issuance of senior notes due 2027.

The issuer also plans to use cash on hand to fund the redemption, according to a news release.

Michaels Stores is an Irving, Tex.-based arts and crafts retailer. It is a wholly owned subsidiary of Michaels Cos., Inc.

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