Simpson Thacher Represents Initial Purchasers in Offering of $800 Million Senior PIK Toggle Notes by Michaels FinCo Holdings, LLC
07.29.13
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Simpson Thacher recently represented the initial purchasers, led by J.P. Morgan Securities, in connection with the offering of $800 million aggregate principal amount of Senior PIK Toggle Notes by Michaels FinCo Holdings, LLC and a corporate co-issuer. The net proceeds of the offering will be used to fund a cash payment to equity and equity-award holders.
Michaels FinCo Holdings, LLC is the indirect parent company of Michaels Stores, Inc., North America’s largest arts and crafts specialty retailer, and is controlled by Bain Capital and The Blackstone Group.
The Simpson Thacher team included Rhett Brandon, Lia Toback and William Allen (Capital Markets); Jonathan Cantor, Chang Won Choi and Jodi Sackel (Tax); Michael Isby (Environmental); Jamin Koslowe and Scott Mathias (Executive Compensation and Employee Benefits); Samantha Himelman (Intellectual Property); and Jennie Getsin (Blue Sky).