Michaels Stores Prices $800 Mln Senior PIK Notes

Michaels Stores has priced an offering of $800 million of senior PIK toggle notes due 2018. Michaels plans to use net proceeds to fund a cash dividend to its equity and equity-award holders, and to pay related fees and expenses. Irving, Texas-based Michaels, a specialty retailer of arts, crafts, is a Blackstone portfolio company.

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