IRVING, Texas--(BUSINESS WIRE)--The Michaels Companies, Inc. (NASDAQ: MIK) today announced that its indirect, wholly owned subsidiary, Michaels Stores, Inc., intends to offer $500 million in aggregate principal amount of Senior Secured Notes due 2027. The Notes are expected to be guaranteed by the Issuer’s parent and substantially all of its subsidiaries. The Issuer intends to use the net proceeds from the offering, together with borrowings under a proposed term loan and cash on hand, to refinance the Issuer’s existing term loan and to pay related fees and expenses. The consummation of the offering is subject to market and other 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 securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act and other applicable securities laws. Any offers of the Notes will be made only by means of a private offering memorandum. This press release is being issued pursuant to and in accordance with Rule 135c under the Act.

The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in the United States in reliance on Rule 144A under the Act and outside the United States pursuant to Regulation S under the Act.