Michaels Stores to launch $850 million term loan on Tuesday

By Sara Rosenberg

New York, June 2 - Michaels Stores Inc. is set to hold a call at 10:30 a.m. ET on Tuesday to launch an $850 million covenant-light term loan due January 2020, according to a market source.

Deutsche Bank Securities Inc. is the left lead bank on the deal.

Proceeds will be used to refinance existing senior notes due 2018.

Michaels Stores is an Irving, Texas-based arts and crafts specialty retailer.

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