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			MIK Form 8-K 9.4.19
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:18pt;">UNITED STATES</font><font style="display:inline;color:#000000;font-size:18pt;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:18pt;">SECURITIES AND EXCHANGE COMMISSION</font><font style="display:inline;color:#000000;font-size:18pt;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">WASHINGTON, D.C. 20549</font><font style="display:inline;font-size:10pt;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:18pt;">FORM 8-K</font>
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			<font style="display:inline;font-weight:bold;color:#000000;">CURRENT REPORT</font><font style="display:inline;color:#000000;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;color:#000000;">Pursuant to Section 13 or 15(d) of the</font><font style="display:inline;color:#000000;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;color:#000000;">Securities Exchange Act of 1934</font><font style="display:inline;color:#000000;">&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">Date of report (Date of earliest event reported): </font><font style="display:inline;color:#000000;font-size:10pt;">August 30, 2019</font><font style="display:inline;font-size:10pt;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:18pt;">THE MICHAELS COMPANIES, INC.</font>
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			<font style="display:inline;font-size:10pt;">(Exact Name of Registrant as Specified in Charter)</font>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Delaware</font></p>
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						<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">001-36501</font></p>
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						<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">37-1737959</font></p>
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						<font style="display:inline;font-size:10pt;">(State or Other Jurisdiction<br />of Incorporation)</font></p>
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						<font style="display:inline;font-size:10pt;">(Commission<br />File Number)</font></p>
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						<font style="display:inline;font-size:10pt;">(IRS Employer<br />Identification No.)</font></p>
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		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">8000 Bent Branch Drive</font>
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		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Irving, &nbsp;Texas</font><font style="display:inline;font-size:10pt;">&nbsp;</font><font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">&nbsp;75063</font>
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			<font style="display:inline;font-size:10pt;">(Address of Principal Executive Offices) (Zip Code)</font>
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			<font style="display:inline;color:#000000;font-size:10pt;">Registrant&#x2019;s telephone number, including area code: </font><font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">(972) &nbsp;409-1300</font>
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			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;"></font>
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			<font style="display:inline;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><font style="display:inline;font-style:italic;color:#000000;font-size:10pt;">see</font><font style="display:inline;font-size:10pt;"> General Instruction A.2. below): </font>
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						<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font></p>
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						<font style="display:inline;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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						<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font></p>
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						<font style="display:inline;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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						<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font></p>
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					<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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					<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font></p>
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					<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act: </font>
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			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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					<p style="margin:0pt 0pt 0pt 7.2pt;line-height:normal;text-indent: -7.2pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Title of each class</font></p>
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						<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Trading Symbol</font></p>
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						<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Name of each exchange on which registered</font></p>
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			</tr>
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				<td valign="top" style="width:35.18%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 1pt;height:15.20pt">
					<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Common Stock, $0.06775 par value</font></p>
				</td>
				<td valign="top" style="width:21.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.20pt;padding:0pt 3.6pt;">
					<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">MIK</font></p>
				</td>
				<td valign="top" style="width:43.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt 1pt 0pt 0pt;height:15.20pt">
					<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Nasdaq Stock Exchange</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter). </font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">Emerging growth company </font><font style="display:inline;font-family:Segoe UI Symbol;color:#000000;font-size:10pt;">&#x2610;</font><font style="display:inline;color:#000000;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="display:inline;font-family:Segoe UI Symbol;color:#000000;font-size:10pt;">&#x2610;</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			&nbsp;
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;">
		<p><font size="1"> </font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;"><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Item&nbsp;1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">On August 30, 2019, Michaels Stores, Inc. (&#x201C;MSI&#x201D;), as borrower, and Michaels Funding, Inc. and certain of MSI&#x2019;s subsidiaries, as guarantors, entered into a First Amendment to Third Amended and Restated Credit Agreement (the &#x201C;Amendment&#x201D;) with Wells Fargo Bank, National Association (&#x201C;Wells Fargo&#x201D;), as administrative agent and collateral agent under the Revolving Credit Facility (as defined below), the lenders party thereto, Wells Fargo, JPMorgan Chase Bank, N.A. and Bank of America, N.A., as joint lead arrangers and joint bookrunners, and Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents, which amends MSI&#x2019;s senior secured asset-based loan facility (the &#x201C;Revolving Credit Facility&#x201D; and the Revolving Credit Facility, as amended by the Amendment, is referred to herein as the &#x201C;Amended Revolving Credit Facility&#x201D;).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">The Amendment extends the maturity date of the Revolving Credit Facility to August 30, 2024, subject to an earlier springing maturity date if certain of our outstanding indebtedness remains outstanding in principal amount in excess of $100 million and has not been repaid, redeemed, refinanced or cash collateralized or the administrative agent has not taken a reserve therefor as of the 60</font><font style="display:inline;font-size:10pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">th</font><font style="display:inline;font-size:10pt;"> day prior to the stated maturity date of such other indebtedness.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">The Amended Revolving Credit Facility provides for senior secured financing of up to $850 million, subject to a borrowing base.&nbsp;&nbsp;The borrowing base under the Amended Revolving Credit Facility equals the sum of (i)&nbsp;90% of eligible credit card receivables and debit card receivables, plus (ii)&nbsp;85% of eligible trade receivables, plus (iii) 90% (increasing to 92.5% for the period commencing on October 1</font><font style="display:inline;font-size:10pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">st</font><font style="display:inline;font-size:10pt;"> and ending on December&nbsp;31</font><font style="display:inline;font-size:10pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">st</font><font style="display:inline;font-size:10pt;"> of each year) of the appraised net orderly liquidation value of eligible inventory, plus (iv)&nbsp;90% (increasing to 92.5% for the period commencing on October 1</font><font style="display:inline;font-size:10pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">st</font><font style="display:inline;font-size:10pt;"> and ending on December&nbsp;31</font><font style="display:inline;font-size:10pt;font-size:5pt;top:-4pt;position:relative;line-height:100%">st</font><font style="display:inline;font-size:10pt;"> of each year) of the lesser of (x) the appraised net orderly liquidation value of inventory supported by eligible letters of credit and (y) the face amount of eligible letters of credit, minus (v) certain reserves.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">The Amended Revolving Credit Facility provides MSI with the right to request up to $200 million of additional commitments under the Amended Revolving Credit Facility from the existing lenders and/or new lenders.&nbsp;&nbsp;The lenders under the Amended Revolving Credit Facility will not be under any obligation to provide any such additional commitments, and any increase in commitments is subject to customary conditions precedent.&nbsp;&nbsp;If MSI were to request any such additional commitments, and the existing lenders or new lenders were to agree to provide such commitments, the facility size could be increased to up to $1,050 million, but MSI&#x2019;s and its co-borrowers&#x2019; (together, the &#x201C;Borrowers&#x201D;) ability to borrow under the Amended Revolving Credit Facility would still be limited by the borrowing base.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Borrowings under the Amended Revolving Credit Facility bear interest at a rate per annum equal to, at our option, either (a)&nbsp;a prime rate, determined by reference to the highest of (1)&nbsp;the prime rate of Wells Fargo, (2)&nbsp;the federal funds effective rate plus 0.50% and (3)&nbsp;a LIBO rate subject to certain adjustments plus 1.00%, or (b)&nbsp;a LIBO rate subject to certain adjustments, in each case plus an applicable margin. The applicable margin (i) for prime rate borrowings is (x) 0.25%, if average daily Excess Availability is greater than or equal to 50% of the Loan Cap, and (y) 0.50%, if average daily Excess Availability is less than 50% of the Loan Cap, and (ii) for LIBO rate borrowings is (x) 1.25%, if average daily Excess Availability is greater than or equal to 50% of the Loan Cap, and (y) 1.50%, if average daily Excess Availability is less than 50% of the Loan Cap. Excess Availability under the Amended Revolving Credit Facility means the Loan Cap, plus the amount of unrestricted cash of the Loan Parties held in Wells Fargo accounts (subject to certain limitations), minus the outstanding credit extensions. Same-day borrowings bear interest at the prime rate plus the applicable margin. The Loan Cap is the lesser of (I)&nbsp;the commitment amount and (II)&nbsp;the borrowing base.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">The Borrowers are required to pay a commitment fee of 0.25% per annum, subject to reduction to 0.20% when Excess Availability is less than 50% of the Loan Cap, on the unutilized commitments under the Amended Revolving Credit Facility.&nbsp;&nbsp;In addition, the Borrowers must pay customary letter of credit fees and agency fees.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">The above summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the&nbsp;Amendment, a copy of which is attached as Exhibit&nbsp;10.1 to this Current Report on Form&nbsp;8-K, which is incorporated by reference into this Item 1.01.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Certain lenders under the Amended Revolving Credit Facility, have engaged in, or may in the future engage in, transactions with, and perform services for, MSI and its affiliates in the ordinary course of business.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;">
		<p><font size="1"> </font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;"><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Item 2.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;font-size:10pt;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">The information set forth in Item 1.01 of this Current Report on Form&nbsp;8-K is incorporated by reference into this Item 2.03.</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">(d)</font><font style="display:inline;font-style:italic;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font><font style="display:inline;font-size:10pt;">.</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;font-size:10pt;">
			<tr>
				<td valign="bottom" style="width:55.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:437.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:55.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">Exhibit<br />Number</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:10.55pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:437.55pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:55.90pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:10.55pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:437.55pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:55.90pt;padding:0pt;">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">10.1</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:10.55pt;padding:0pt;">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:437.55pt;padding:0pt;">
					<p style="margin:0pt;width: 90.00%;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;">First Amendment to Third Amended and Restated Credit Agreement, dated as of August 30, 2019, among Michaels Stores, Inc., Michaels Funding, Inc., various subsidiaries of Michaels Stores, Inc., Wells Fargo Bank, National Association, as administrative agent and collateral agent, the lenders party thereto and the other agents named therein.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-size:10pt;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;">
		<p><font size="1"> </font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;"><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 3pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-size:10pt;">INDEX TO EXHIBITS</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;font-size:10pt;">
			<tr>
				<td valign="bottom" style="width:63.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-weight:bold;"></font></p>
				</td>
				<td valign="bottom" style="width:13.20pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:408.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;height:1.00pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">Exhibit<br />Number</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.20pt;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:408.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:63.30pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.20pt;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:408.80pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:63.30pt;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">10.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:13.20pt;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:408.80pt;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;width: 90.00%;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;"><a href="ex-10d1.htm"><font style="color:#000000;">First Amendment to Third Amended and Restated Credit Agreement, dated as of August 30, 2019, among Michaels Stores, Inc., Michaels Funding, Inc., various subsidiaries of Michaels Stores, Inc., Wells Fargo Bank, National Association, as administrative agent and collateral agent, the lenders party thereto and the other agents named therein.</font></a></font><font style="display:inline;color:#000000;font-size:11pt;"></font><font style="display:inline;color:#000000;"></font><font style="display:inline;color:#000000;font-size:11pt;"></font><font style="display:inline;color:#000000;"></font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-size:10pt;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;">
		<p><font size="1"> </font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;"><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-size:10pt;">SIGNATURE</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;font-size:10pt;">
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				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:48.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:48.98%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;">THE MICHAELS COMPANIES, INC.</font></p>
				</td>
			</tr>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:48.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:48.98%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:48.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:03.68%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">By:</font></p>
				</td>
				<td valign="bottom" style="width:45.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">/s/ Denise Paulonis</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:48.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:03.68%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:45.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">Denise Paulonis</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:48.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:03.68%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:45.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">Executive Vice President &#x2013; Chief Financial Officer</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:48.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:03.68%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:45.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:48.96%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">Date: September 4, 2019</font></p>
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				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;">&nbsp;</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
				</td>
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		<p><font size="1"> </font></p></div><div style="margin-left:8.82352941176471%;margin-right:8.82352941176471%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div>
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[{"type": "8-K", "sequence": "1", "filename": "f8-k.htm", "description": "8-K", "secsgml_size_bytes": 57373}]
{"company-data": {"conformed-name": "Michaels Companies, Inc.", "cik": "0001593936", "assigned-sic": "5945", "irs-number": "371737959", "state-of-incorporation": "DE", "fiscal-year-end": "0201"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36501", "film-number": "191073372"}, "business-address": {"street1": "8000 BENT BRANCH DRIVE", "city": "IRVING", "state": "TX", "zip": "75063", "phone": "9724091300"}, "mail-address": {"street1": "8000 BENT BRANCH DRIVE", "city": "IRVING", "state": "TX", "zip": "75063"}}
MIK Form 8-K 9.4.19
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
August 30, 2019
THE MICHAELS COMPANIES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
001-36501
37-1737959
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
8000 Bent Branch Drive
Irving,  Texas
75063
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(972)  409-1300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $0.06775 par value
MIK
Nasdaq Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01.     Entry into a Material Definitive Agreement.
On August 30, 2019, Michaels Stores, Inc. ("MSI"), as borrower, and Michaels Funding, Inc. and certain of MSI's subsidiaries, as guarantors, entered into a First Amendment to Third Amended and Restated Credit Agreement (the "Amendment") with Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent and collateral agent under the Revolving Credit Facility (as defined below), the lenders party thereto, Wells Fargo, JPMorgan Chase Bank, N.A. and Bank of America, N.A., as joint lead arrangers and joint bookrunners, and Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents, which amends MSI's senior secured asset-based loan facility (the "Revolving Credit Facility" and the Revolving Credit Facility, as amended by the Amendment, is referred to herein as the "Amended Revolving Credit Facility").
The Amendment extends the maturity date of the Revolving Credit Facility to August 30, 2024, subject to an earlier springing maturity date if certain of our outstanding indebtedness remains outstanding in principal amount in excess of $100 million and has not been repaid, redeemed, refinanced or cash collateralized or the administrative agent has not taken a reserve therefor as of the 60
th
day prior to the stated maturity date of such other indebtedness.
The Amended Revolving Credit Facility provides for senior secured financing of up to $850 million, subject to a borrowing base.  The borrowing base under the Amended Revolving Credit Facility equals the sum of (i) 90% of eligible credit card receivables and debit card receivables, plus (ii) 85% of eligible trade receivables, plus (iii) 90% (increasing to 92.5% for the period commencing on October 1
st
and ending on December 31
st
of each year) of the appraised net orderly liquidation value of eligible inventory, plus (iv) 90% (increasing to 92.5% for the period commencing on October 1
st
and ending on December 31
st
of each year) of the lesser of (x) the appraised net orderly liquidation value of inventory supported by eligible letters of credit and (y) the face amount of eligible letters of credit, minus (v) certain reserves.
The Amended Revolving Credit Facility provides MSI with the right to request up to $200 million of additional commitments under the Amended Revolving Credit Facility from the existing lenders and/or new lenders.  The lenders under the Amended Revolving Credit Facility will not be under any obligation to provide any such additional commitments, and any increase in commitments is subject to customary conditions precedent.  If MSI were to request any such additional commitments, and the existing lenders or new lenders were to agree to provide such commitments, the facility size could be increased to up to $1,050 million, but MSI's and its co-borrowers' (together, the "Borrowers") ability to borrow under the Amended Revolving Credit Facility would still be limited by the borrowing base.
Borrowings under the Amended Revolving Credit Facility bear interest at a rate per annum equal to, at our option, either (a) a prime rate, determined by reference to the highest of (1) the prime rate of Wells Fargo, (2) the federal funds effective rate plus 0.50% and (3) a LIBO rate subject to certain adjustments plus 1.00%, or (b) a LIBO rate subject to certain adjustments, in each case plus an applicable margin. The applicable margin (i) for prime rate borrowings is (x) 0.25%, if average daily Excess Availability is greater than or equal to 50% of the Loan Cap, and (y) 0.50%, if average daily Excess Availability is less than 50% of the Loan Cap, and (ii) for LIBO rate borrowings is (x) 1.25%, if average daily Excess Availability is greater than or equal to 50% of the Loan Cap, and (y) 1.50%, if average daily Excess Availability is less than 50% of the Loan Cap. Excess Availability under the Amended Revolving Credit Facility means the Loan Cap, plus the amount of unrestricted cash of the Loan Parties held in Wells Fargo accounts (subject to certain limitations), minus the outstanding credit extensions. Same-day borrowings bear interest at the prime rate plus the applicable margin. The Loan Cap is the lesser of (I) the commitment amount and (II) the borrowing base.
The Borrowers are required to pay a commitment fee of 0.25% per annum, subject to reduction to 0.20% when Excess Availability is less than 50% of the Loan Cap, on the unutilized commitments under the Amended Revolving Credit Facility.  In addition, the Borrowers must pay customary letter of credit fees and agency fees.
The above summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated by reference into this Item 1.01.
Certain lenders under the Amended Revolving Credit Facility, have engaged in, or may in the future engage in, transactions with, and perform services for, MSI and its affiliates in the ordinary course of business.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01.     Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit
Number
Description
10.1
First Amendment to Third Amended and Restated Credit Agreement, dated as of August 30, 2019, among Michaels Stores, Inc., Michaels Funding, Inc., various subsidiaries of Michaels Stores, Inc., Wells Fargo Bank, National Association, as administrative agent and collateral agent, the lenders party thereto and the other agents named therein.
INDEX TO EXHIBITS
Exhibit
Number
Description
10.1
First Amendment to Third Amended and Restated Credit Agreement, dated as of August 30, 2019, among Michaels Stores, Inc., Michaels Funding, Inc., various subsidiaries of Michaels Stores, Inc., Wells Fargo Bank, National Association, as administrative agent and collateral agent, the lenders party thereto and the other agents named therein.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE MICHAELS COMPANIES, INC.
By:
/s/ Denise Paulonis
Denise Paulonis
Executive Vice President – Chief Financial Officer
Date: September 4, 2019