The Firm recently represented the initial purchasers, led by BofA Securities, Inc., in connection with the offering of $500 million aggregate principal amount of 8% Senior Notes due 2027 by Michaels Stores, Inc. (“Michaels”). The net proceeds of the offering, with cash on hand, will be used to redeem Michaels’s outstanding 5.875% Senior Subordinated Notes due 2020.
Michaels is the largest arts and crafts specialty retailer in North America, based on store count, providing materials, project ideas and education for creative activities.
The Simpson Thacher team included Mark Brod, John Ericson, Sean Dougherty, Adam Kahan and Chia-Chen Lee (Capital Markets); Michael Isby and Timothy Mulvihill (Environmental); Jamin Koslowe and Caitlin Grimes (Executive Compensation and Employee Benefits); Jonathan Cantor and Sarah Katz (Tax); Marcela Robledo and Corina McIntyre (IP); and Andrew Pagliughi (FINRA). Summer Associates Martina Tiku and Daniel Westen also provided valuable assistance.