Michaels Cos. to issue $500 million of 7-year bonds

The Michaels Cos. Inc. /zigman2/quotes/207984083/composite MIK -0.23% is planning to offer $500 million of 7-year bonds as the arts and crafts retailer joins the many companies issuing record levels of debt during the coronavirus pandemic. Proceeds will be used together with borrowings from a term loan and cash on hand to refinance an existing term loan and pay fees. Shares wee down 2% premarket, but have gained 26% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.95% has gained 4.3%.

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Michaels Cos. Inc.

US : U.S.: Nasdaq

$ 21.78

-0.05 -0.23%

Volume: 13.21M

March 5, 2021 4:00p

P/E Ratio

11.03

Dividend Yield

N/A

Market Cap

$3.09 billion

Rev. per Employee

N/A

/zigman2/quotes/210599714/realtime

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S&P 500 Index

US : S&P US

3,841.94

+73.47 +1.95%

Volume: 3.33B

March 5, 2021 5:44p