The Firm recently represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the offering of $375 million aggregate principal amount of 4.75% Senior Secured Notes due 2027 by Michaels Stores, Inc. (“Michaels”). The net proceeds of the offering, with cash on hand, will be used to refinance Michaels’ existing term loan credit facility. The Firm also represented the lead arrangers, led by JPMorgan Chase Bank, N.A, in connection with the refinancing of Michaels’ existing term loan credit facility, which provides for senior secured financing of $1.67 billion.
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, Kirsten Harmon and Lauren Maxfield (Capital Markets); Alexandra Kaplan, Cristina Gonzalez and Essete Workneh (Credit); Jonathan Pall (Collateral); Michael Isby (Environmental); Jamin Koslowe and Ashlie Lawton (Executive Compensation and Employee Benefits); Marcy Geller, Jonathan Cantor; Sarah Katz and Morgan Otway (Tax); Lori Lesser, Corina McIntyre and Ellie Gladstone (IP); and Andrew Pagliughi (FINRA).