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Michaels Stores to launch $1.64 billion term loan on Thursday
By Sara Rosenberg
New York, Jan. 15 - Michaels Stores Inc. will hold a conference call on Thursday to launch a $1.64 billion seven-year covenant-light term loan, according to a market source.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Barclays, Morgan Stanley Senior Funding Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Commitments will be due on Jan. 24, the source added.
Michaels Stores is an Irving, Texas-based retailer of arts, crafts, framing, floral, wall decor and seasonal merchandise for the hobbyist and do-it-yourself home decorator.
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