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MICHAELS STORES ANNOUNCES CONVERTIBLE DEBT OFFERING

 IRVING, Texas, Jan. 14 /PRNewswire/ -- Michaels Stores, Inc. (NASDAQ-NMS: MIKE) announced today the public offering of $85,000,000 4-3/4 percent/6-3/4 percent Step-up Convertible Subordinated Notes Due 2003 (Step-up Income Redeemable Equity Notes(TM) - SIRENs(TM). The company has granted the Underwriters an option to purchase up to an additional $12,750,000 of SIRENs to cover over-allotments, if any. The First Boston Corporation and Robertson, Stephens & Company are the managers of the offering. The SIRENs are convertible into common stock of the company at any time prior to maturity at a conversion price of $38.00 per share. The SIRENs will accrue interest at 4-3/4 percent through Jan. 14, 1996 and will accrue interest at 6-3/4 percent thereafter.
 The company will use the proceeds of the offering for planned store expansion, additional distribution facilities, to satisfy seasonal working capital requirements, and for other general corporate purposes.
 The nation's leading retailer of arts and crafts, Michaels Stores, Inc. offers a wide selection of picture framing materials and services, silk and dried flowers, hobby and art supplies, creative crafts, and party, seasonal and holiday merchandise. The company owns and operates 168 stores in 24 states, from California to the Carolinas.
 NOTE: (TM) is a Trademark of The First Boston Corporation.
 -0- 1/14/93
 /CONTACT: R. Don Morris, executive vice president & chief financial officer of Michaels Stores, Inc., 214-714-7100/
 (MIKE)


CO: Michaels Stores, Inc. ST: Texas IN: REA SU: OFR

WB -- NY071 -- 5008 01/14/93 15:45 EST
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Publication:PR Newswire
Date:Jan 14, 1993
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