IRVING, Texas--(BUSINESS WIRE)--
The Michaels Companies, Inc. (NASDAQ: MIK) (the "Company") today
announced that certain of its stockholders (the "Selling Stockholders")
intend to offer for sale 12 million shares of the Company's common stock
pursuant to the Company's shelf registration statement filed with the
Securities and Exchange Commission ("SEC"), of which the Company intends
to purchase from the underwriter 2 million shares of such common stock.
The Selling Stockholders will receive all of the net proceeds from this
offering. No shares are being sold by the Company.
The Company's per-share purchase price for the repurchased shares will
be the same as the per-share purchase price payable by the underwriter
to the Selling Stockholders.
Credit Suisse Securities (USA) LLC will act as underwriter for the
A registration statement relating to these shares was filed with the SEC
on July 9, 2015 and became effective upon filing. The offering of these
shares will be made only by means of a prospectus. Before you invest,
you should read the prospectus, the registration statement and the
documents incorporated by reference in that registration statement, as
well as the prospectus supplement related to this offering. You may
obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
When available, copies of the prospectus supplement and accompanying
prospectus related to the offering may be obtained from Credit Suisse
Securities (USA) LLC, Attention: Prospectus Department, One Madison
Avenue, New York, New York 10010, or by telephone at +1 (800) 221-1037,
or by email at firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state or jurisdiction.
About The Michaels Companies, Inc.:
The Michaels Companies, Inc. is North America's largest specialty
provider of arts, crafts, framing, floral, wall décor, and seasonal
merchandise for the hobbyist and do-it-yourself home decorator. As of
October 29, 2016, the Company owned and operated 1,368 stores in 49
states and Canada under the brands Michaels, Aaron Brothers, and Pat
Catan's. The Michaels Companies, Inc. also owns Artistree, a
manufacturer of high quality custom and specialty framing merchandise,
and Darice, a premier wholesale distributor in the craft, gift and decor
industry. The Michaels Companies, Inc. produces a number of exclusive
private brands including Recollections®, Studio Decor™, Bead Landing®,
Creatology®, Ashland®, Celebrate It®, ArtMinds®, Artist's Loft®, Craft
Smart®, Loops & Threads®, Make Market®, Foamies®, LockerLookz®, and
Certain information contained in this news release, particularly
information regarding the completion of the offering and the repurchase
by the Company, constitute forward-looking statements. The words
"anticipate," "assume," "believe," "continue," "could," "estimate,"
"expect," "forecast," "future," "guidance," "imply," "intend," "may,"
"outlook," "plan," "potential," "predict," "project," and similar terms
and phrases are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. The Company cannot assure investors that future developments
affecting the Company will be those that it has anticipated. Actual
results may differ materially from these expectations due to risks
relating to the effect of economic uncertainty, risks associated with
our substantial outstanding indebtedness of $2.8 billion, changes in
customer demand, risks relating to our failure to adequately maintain
security and prevent unauthorized access to electronic and other
confidential information, increased competition including internet-based
competition from other retailers, risks relating to our reliance on
foreign suppliers, risks relating to how well we manage our business,
risks related to our ability to open new stores and increase comparable
store sales growth, damage to the reputation of the Michaels brand or
our private and exclusive brands, risks associated with executing or
integrating an acquisition, a business combination or major business
initiative, and other risks and uncertainties including those identified
under the heading "Risk Factors" in the prospectus and in the Company's
Annual Report on Form 10-K filed with the SEC, which is available at www.sec.gov,
and other filings that the Company may make with the SEC in the future.
If one or more of these risks or uncertainties materialize, or if any of
the Company's assumptions prove incorrect, the Company's actual results
may vary in material respects from those projected in these
forward-looking statements. Any forward-looking statement made by the
Company in this news release speaks only as of the date on which the
Company makes it. Factors or events that could cause the Company's
actual results to differ may emerge from time to time, and it is not
possible for the Company to predict all of them. The Company does not
undertake and specifically disclaims any obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required
by any applicable securities laws.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161212006198/en/
The Michaels Companies, Inc.
F. Rawlins, CFA, 972-409-7404
Farah Soi / Anne Rakunas, 203-682-8200
Jessica Liddell, 203-682-8200
Source: The Michaels Companies, Inc.
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