Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v2.4.1.9
Debt (Tables)
12 Months Ended
Jan. 31, 2015
Debt  
Schedule of outstanding debt

Debt for The Michaels Companies, Inc. and MSI consisted of the following at the end of fiscal 2014 and fiscal 2013 (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Michaels Companies, Inc.

 

Michaels Stores, Inc.

 

 

 

 

 

 

 

January 31,

 

February 1,

 

January 31,

 

February 1,

 

 

    

Interest Rate

 

2015

 

2014

 

2015

    

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restated term loan credit facility

 

 

 

Variable

 

$

2,453 

 

$

1,628 

 

$

2,453 

 

$

1,628 

 

Senior notes

 

 

 

7.75 

%

 

 —

 

 

1,006 

 

 

 —

 

 

1,006 

 

Senior subordinated notes

 

 

 

5.875 

%

 

515 

 

 

260 

 

 

515 

 

 

260 

 

PIK notes

 

 

 

7.50 % / 8.25

%

 

181 

 

 

800 

 

 

 —

 

 

 —

 

Total debt

 

 

 

 

 

 

3,149 

 

 

3,694 

 

 

2,968 

 

 

2,894 

 

Less current portion

 

 

 

 

 

 

(25)

 

 

(16)

 

 

(25)

 

 

(16)

 

Long-term debt

 

 

 

 

 

$

3,124 

 

$

3,678 

 

$

2,943 

 

$

2,878 

 

 

Schedule of aggregate amount of scheduled maturities of debt

The aggregate amount of scheduled maturities of The Michaels Companies, Inc. and MSI debt for the next five years and thereafter is as follows (in millions):

 

 

 

 

 

 

 

 

 

Fiscal Year

 

The Michaels 
Companies, Inc.

 

Michaels
Stores, Inc.

 

2015

 

$

25 

 

$

25 

 

2016

 

 

25 

 

 

25 

 

2017

 

 

25 

 

 

25 

 

2018

 

 

206 

 

 

25 

 

2019

 

 

2,357 

 

 

2,357 

 

Thereafter

 

 

510 

 

 

510 

 

Total debt payments

 

 

3,148 

 

 

2,967 

 

Plus unrealized premium amortization

 

 

 

 

 

Less unrealized discount accretion

 

 

(4)

 

 

(4)

 

Total debt balance as of January 31, 2015

 

$

3,149 

 

$

2,968 

 

 

Schedule of expected amortization expense pertaining to the deferred financing costs

The Michaels Companies, Inc. and MSI related to the deferred financing costs for each of the next five fiscal years and thereafter is as follows (in millions):

 

 

 

 

 

 

 

 

 

Fiscal Year

   

The Michaels 
Companies, Inc.

   

Michaels
Stores, Inc.

 

2015

 

$

 

$

 

2016

 

 

 

 

 

2017

 

 

 

 

 

2018

 

 

 

 

 

2019

 

 

 

 

 

Thereafter

 

 

 

 

 

Total amortization expense

 

$

41 

 

$

38 

 

 

PIK Notes  
Debt  
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

    

Percentage

 

2014

 

 

102.00 

%  

2015

 

 

101.00 

%  

2016 and thereafter

 

100.00 

%  

 

5.875% Senior Subordinated Notes due 2020  
Debt  
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates

 

 

 

 

 

 

Year

 

    

Percentage

 

2016

 

 

102.938 

%  

2017

 

 

101.469 

%  

2018 and thereafter

 

100.000 

%