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The Blackstone Group L.P. Message Board

  • sam_0534 sam_0534 Dec 17, 2013 1:59 PM Flag

    BX preparing for another IPO with Michaels Stores???

    ing Action: Moody's assigns Caa1 to Michaels Stores' proposed senior subordinated notes due 2020
    Global Credit Research - 17 Dec 2013
    $260 million of new debt rated affected
    New York, December 17, 2013 -- Moody's Investors Service, ("Moody's") today assigned a Caa1 rating to Michael's Stores, Inc.'s, ("Michaels") proposed $260 million senior subordinated notes due 2020. All other ratings remain unchanged, including the B2 Corporate Family Rating and the B2-PD Probability of Default Rating located at Michaels' parent company, Michaels FinCo Holdings, LLC. The ratings outlook is stable.

    Proceeds from the proposed notes combined with cash will be used to fully redeem Michaels' outstanding 11.375% senior subordinated notes due 2016. The transaction is a credit positive as it is leverage neutral, will likely result in significantly lower cash interest expense and extend the company's debt maturity profile. Subsequent to the transaction, the company's nearest debt maturity will be in 2017, when its revolving credit facility expires.

    The following ratings have been assigned:

    Sentiment: Strong Buy

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