Blackstone, Bain Crafting $500M IPO For Michaels

Law360, New York (March 30, 2012, 7:21 PM EDT) -- Private equity owners Bain Capital Partners LLC and The Blackstone Group LP are preparing to take Texas-based crafts supply giant Michaels Stores Inc. public for as much as $500 million, according to a Friday filing with the U.S. Securities and Exchange Commission.

The company intends to use the proceeds of its initial public offering to repurchase a package of outstanding debt worth $306 million, as well as at least a portion of another $393 million in notes, both set to come due in November 2016. Any...
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