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Sept. 17, 2020, 8:41 a.m. EDT

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

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By Ciara Linnane

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%.

/zigman2/quotes/207984083/composite
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
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/zigman2/quotes/210599714/realtime
US : S&P US
3,841.94
+73.47 +1.95%
Volume: 3.33B
March 5, 2021 5:44p
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