Michaels Cos. to issue $500 million of 7-year bonds

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The Michaels Cos. Inc. is planning to offer $500 million of 7-year bonds as the arts and crafts retailer joins the many companies issuing record levels of debt during the coronavirus pandemic. Proceeds will be used together with borrowings from a term loan and cash on hand to refinance an existing term loan and pay fees. Shares wee down 2% premarket, but have gained 26% in the year to date, while the S&P 500 has gained 4.3%.
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