Bain and Blackstone-backed crafts retailer Michaels revives IPO plans, chooses to list on the NASDAQ


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The Michaels Companies, the largest arts and crafts retailer in North America filed an amendment filed with the SEC on Thursday stating its intention to list on the NASDAQ under the symbol  MIK . The company changed its name from Michaels Stores as a result of its July 2013 reorganization, where it issued PIK Toggle Notes in order to pay an $800 million dividend to current shareholders. Michaels operates 1,260 stores in the U.S. and Canada and was taken private by Bain Capital and Blackstone in a $6 billion buyout in 2006. The PE firms have been patient for an IPO exit, originally filing to raise $500 million in March 2012.

The Irving, TX-based company, which was founded in 1983, has J.P. Morgan, Goldman Sachs, Barclays, Deutsche Bank, BofA Merrill Lynch, Credit Suisse, Morgan Stanley and Wells Fargo as the joint bookrunners on the deal. No pricing terms were disclosed.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: MIK

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