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Bond Market News
Michaels Seeks to Reorganize its Capital Structure
February 12, 2026
Michaels Companies Inc., backed by Apollo Global Management, is seeking to raise about $4.85bn in new debt to refinance its capital structure. The arts-and-crafts retailer is marketing a $1.1bn, 7Y first-lien term loan led by UBS, alongside $1.7bn in additional first-lien debt, a $1.1bn asset-backed lending facility, and $950mn of second-lien secured debt. The term loan is being discussed at roughly 98 cents on the dollar with pricing about 4.75–5% over the benchmark rate. A lender call has been scheduled and commitments for the financing are due February 19. The refinancing comes after improving business performance. Despite tariff-related pressures on retailers, Michaels has reported strong results, including preliminary 4Q same-store sales growth of 7.9-8.2%.
Its bonds have made a comeback since May last year when they fell to ~34 cents on the dollar, to trade at near par currently. Its 7.875% bond due 2029 is trading stable at 99.5, yielding 8.05%.
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