The Michaels Companies, Inc. Announces Pricing of Senior Notes
THE MICHAELS COMPANIES (MIK)
Last the michaels companies earnings: 3/17 07:00 am
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US:NYSE Investor Relations:
investors.michaels.com
Company Research
Source: Business Wire
IRVING, Texas--(BUSINESS WIRE)--The Michaels Companies, Inc. (NASDAQ: MIK) (the “Company”) today announced that its indirect, wholly owned subsidiary, Michaels Stores, Inc. (the “Issuer”), priced its offering of $500 million in aggregate principal amount of Senior Notes due 2027 (the “Notes”). The Issuer intends to use the net proceeds from the offering, together with cash on hand, to redeem its existing 5.875% Senior Subordinated Notes due 2020.The Notes will bear interest at a rate of 8.00% and will pay interest semi-annually in cash in arrears on January 15 and July 15 of each year, beginning on January 15, 2020. The Notes will mature on July 15, 2027. The offering is expected to close on or about July 8, 2019, subject to customary closing conditions.This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes. The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Act”), or any state s
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