Michaels Launches Tender Offer for 2029 Senior Notes

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The Michaels Companies, Inc. announced it is commencing a tender offer to purchase for cash any and all of its outstanding 7.875% Senior Notes due 2029. The tender offer is subject to certain terms and conditions and is scheduled to expire on March 17, 2026, unless extended or terminated earlier.

Why it matters

This tender offer allows Michaels to potentially refinance its existing 2029 senior notes at potentially more favorable terms, reducing its long-term debt obligations. It also provides an opportunity for noteholders to cash out their positions ahead of the notes' maturity.

The details

Tendered notes can be withdrawn prior to March 3, 2026, but not thereafter. Holders who tender by the early tender time of March 3, 2026 will be eligible for the total consideration, which includes an early tender payment of $30 per $1,000 principal amount. Holders tendering after the early tender time will receive only the tender offer consideration, which is the total consideration minus the early tender payment. The settlement date for early tenders is expected to be around March 6, 2026, while the settlement for later tenders is expected around March 19, 2026.

• The tender offer is scheduled to expire at 5:00 p.m. New York time on Tuesday, March 17, 2026, unless extended or terminated earlier.
• The early tender time is 5:00 p.m. New York time on Tuesday, March 3, 2026.
• The withdrawal deadline is 5:00 p.m. New York time on Tuesday, March 3, 2026.

What’s next

The company currently expects to redeem any notes not purchased in the tender offer on May 1, 2026 in accordance with the terms of the indenture.