Michaels Stores draws $600 million under credit facility

By Wendy Van Sickle

Columbus, Ohio, March 23 – Michaels Stores, Inc. borrowed on Monday $600 million under its third amended and restated credit agreement dated May 27, 2016, according to an 8-K filing with the Securities and Exchange Commission.

After giving effect to the borrowings and issued and outstanding letters of credit, there is $129.8 million of unused borrowing capacity remaining under the revolving credit facility with Wells Fargo Bank, NA as agent.

The drawdown was a precautionary measure in order to increase the company’s cash position and preserve financial flexibility in light of the Covid-19 outbreak.

Michaels Stores is an Irving, Tex.-based arts & crafts specialty retailer.

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