MICHAELS ANNOUNCES STOCK OFFERING
MICHAELS ANNOUNCES STOCK OFFERING IRVING, Texas, Jan. 16 /PRNewswire/ -- Michaels Stores, Inc.
(NASDAQ: MIKE) announced today the public offering of 3.0 million shares of common stock at $19.00 per share. The company has granted the Underwriters an option to purchase up to an additional 450,000 shares to cover over-allotments, if any. The First Boston Corporation and Robertson, Stephens & Company are the managers of the underwriting syndicate offering the stock to the public.
The company will use approximately $45.1 million of the proceeds of the offering to redeem the company's 12-3/4 percent senior subordinated notes due Jan. 15, 1997, and will use the balance of the proceeds for planned new store expansion, to satisfy seasonal working capital requirements and other general corporate purposes. Michaels is the largest nationwide specialty retailer of arts, crafts and decorative products, operating a chain of 140 stores located in 19 states. Michaels stores offer a wide selection of competitively priced items, including silk and dried flowers and related floral items, creative craft items, art supplies, picture framing materials and services, party goods and wedding supplies, needlecrafts, hobby kits and miniatures and seasonal decorations. -0- 1/16/92 /CONTACT: Don Morris, chief financial officer of Michaels Stores, 214-580-8242/ (MIKE) CO: Michaels Stores Inc. ST: Texas IN: REA SU: OFR
TS -- NY025 -- 0420 01/16/92 10:34 EST
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|Date:||Jan 16, 1992|
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