Michaels Stores Enters into US$1.1B Amendment and Restatement of Revolving Credit Facility

On February 18, 2010, Michaels Stores, Inc. and certain of its subsidiaries entered into an amendment and restatement of the senior secured asset-based revolving credit facility in the principal amount of US$1,100,000,000.

The facilities were agented by Bank of America, N.A. With more than 1,000 stores in operation, Michaels Stores, Inc. is the largest arts and crafts specialty retailer in North America.

Michaels Stores was represented by Michael Veitenheimer, General Counsel, and Navin Rao, Associate General Counsel. McInnes Cooper (Atlantic provinces) served as primary outside counsel to Michaels Stores in Canada with a team led by Fae Shaw and also consisting of Joseph Macdonald, QC, Frank Hughes and Gregory Connors, with the assistance of Bruce Thompson of Thompson Dorfman Sweatman LLP (Manitoba); Michael Milani, QC, and Ryan Laidlaw of McDougall Gauley LLP (Saskatchewan); and Christa Wessel, Dom Glavota and Pam Veermeersch of Gowling Lafleur Henderson LLP (British Columbia, Alberta and Ontario). Ropes & Gray LLP served as outside counsel to Michaels Stores in the United States with a team consisting of Byung Choi, Kristin Jenkins and Ann Tigani.

Ogilvy Renault LLP represented Bank of America, N.A. in Canada with a team consisting of Kevin Morley, David Amato and Serge Levy. Riemer & Braunstein LLP represented Bank of America, N.A. in the United States with a team consisting of David Berman, Marjorie Crider and Jaime Koff.