IRVING, Texas, Oct. 11 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) announced that it intends to raise approximately $1,075 million
in gross proceeds through an offering of Senior Notes due 2014 and Senior
Subordinated Notes due 2016. The net proceeds from these offerings would be
used to partially fund the previously announced merger of Michaels with
affiliates of Bain Capital Partners, LLC and The Blackstone Group. The
consummation of these note offerings is subject to market and other
conditions including, without limitation, the closing of the merger
transaction.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the 2014 notes or the 2016 notes. The notes
to be offered have not been, and will not be, registered under the
Securities Act of 1933 or any other jurisdiction and may not be offered or
sold in the United States absent registration or an applicable exemption
from the registration requirements.
Certain statements in this press release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to the safe harbor created thereby. These
statements involve a number of risks, uncertainties, and other factors
including the failure to close the merger transaction and potential changes
in market conditions that could cause actual results to differ materially.
SOURCE Michaels Stores, Inc.
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Related links:
http://www.michaels.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20040804/DAMICHAELSLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/115769.html /
CONTACT:
Lisa K. Klinger, Vice President - Treasurer
and Investor Relations of Michaels Stores, Inc., +1-972-409-1528,
klingerl@michaels.com
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