08 04 2016

Michaels Companies, Inc.'s $443.4 million Common Shares Offering

Simpson Thacher represented J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as underwriters in connection with a registered public offering of 17,000,000 shares of common stock of The Michaels Companies, Inc. (NASDAQ: MIK).


A total of approximately $443.4 million in proceeds before expenses was raised in the offering. Affiliates of Bain Capital Partners, LLC and The Blackstone Group and certain other selling stockholders received all of the proceeds from the offering. In addition, the Firm represented the underwriters in connection with a concurrent repurchase of 2,000,000 shares of common stock by the Company, for a total of $52.2 million. Michaels is the largest arts and crafts specialty retailer in North America based on store count as well as a market-leading vertically integrated custom framing business. The Simpson Thacher team included Mark Brod (Picture), John Ericson, David Azarkh, Alexander Muller and Thomas Killeen (Capital Markets); Michael Isby and Timothy Mulvihil (Environmental); Jamin Koslowe and Nadine Mompremier (Executive Compensation and Employee Benefits); Andrew Pagliughi (FINRA); Marcela Robledo (Intellectual Property); and Jonathan Cantor and Jodi Schneider (Tax). Involved fees earner: Mark Brod - Simpson Thacher & Bartlett; John Ericson - Simpson Thacher & Bartlett; David Azarkh - Simpson Thacher & Bartlett; Alexander Muller - Simpson Thacher & Bartlett; Michael Isby - Simpson Thacher & Bartlett; Timothy Mulvihill - Simpson Thacher & Bartlett; Jamin Koslowe - Simpson Thacher & Bartlett; Nadine Mompremier - Simpson Thacher & Bartlett; Andrew Pagliughi - Simpson Thacher & Bartlett; Marcela Robledo - Simpson Thacher & Bartlett; Jonathan Cantor - Simpson Thacher & Bartlett; Jodi Schneider - Simpson Thacher & Bartlett;

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