Michaels’ $1.67 Billion Debt Refinancing

Simpson Thacher represented the lead arrangers, led by JPMorgan Chase Bank, N.A, in the refinancing.

Michaels executed the refinancing of its existing term loan credit facility, which provides for senior secured financing of $1.67 billion.

Michaels is the largest arts and crafts specialty retailer in North America, based on store count, providing materials, project ideas and education for creative activities.

The Simpson Thacher team included Mark Brod, (Picture) John Ericson, Kirsten Harmon and Lauren Maxfield (Capital Markets); Alexandra Kaplan, Cristina Gonzalez and Essete Workneh (Credit); Jonathan Pall (Collateral); Michael Isby (Environmental); Jamin Koslowe and Ashlie Lawton (Executive Compensation and Employee Benefits); Marcy Geller, Jonathan Cantor; Sarah Katz and Morgan Otway (Tax); Lori Lesser, Corina McIntyre and Ellie Gladstone (IP); and Andrew Pagliughi (FINRA).

Involved fees earner: Mark Brod – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; John Ericson – Simpson Thacher & Bartlett; Marcy Geller – Simpson Thacher & Bartlett; Elizabeth Gladstone – Simpson Thacher & Bartlett; Cristina Gonzalez – Simpson Thacher & Bartlett; Kirsten Harmon – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Alexandra Kaplan – Simpson Thacher & Bartlett; Sarah Katz – Simpson Thacher & Bartlett; Jamin Koslowe – Simpson Thacher & Bartlett; Ashlie Lawton – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Lauren Maxfield – Simpson Thacher & Bartlett; Corina McIntyre – Simpson Thacher & Bartlett; Morgan Otway – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Essete Workneh – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: JP Morgan Chase & Co.;