IRVING, Texas, March 4, 2026 /PRNewswire/ — The Michaels Companies, Inc. (the “Company”), as successor to Magic MergeCo, Inc., today announced early tender results for its previously announced tender offer (the “Tender Offer”) to purchase for cash any and all of its outstanding 7.875% Senior Notes due 2029 (the “Notes”). The Tender Offer is subject to the terms and conditions set forth in the Offer to Purchase, dated February 17, 2026, relating thereto (the “Offer to Purchase”).

As of 5:00 p.m., New York City time, on Tuesday, March 3, 2026 (the “Early Tender Time” or the “Withdrawal Deadline”), the Company has been advised by Global Bondholder Services Corporation, as the Information Agent and the Depositary for the Tender Offer, that $920,165,000 in aggregate principal amount, or approximately 95.11%, of the outstanding Notes had been validly tendered and not validly withdrawn in the Tender Offer.

The deadline to validly withdraw tenders has passed. Accordingly, the Notes that were validly tendered and not withdrawn prior to the Withdrawal Deadline may not be withdrawn, except in limited circumstances where additional withdrawal rights are required by law.

Subject to the terms and conditions of the Tender Offer, the Company is accepting for purchase all Notes validly tendered at or prior to the Early Tender Time and not validly withdrawn prior to the Withdrawal Deadline, with an early settlement date for such purchase expected to occur on March 5, 2026.

J.P. Morgan Securities LLC and UBS Investment Bank are acting as the dealer managers (the “Dealer Managers”) for the Tender Offer. Global Bondholder Services Corporation is acting as the Information Agent and the Depositary for the Tender Offer. Questions regarding the Tender Offer should be directed to J.P. Morgan Securities LLC at (212) 834-7489 (collect) or (866) 834-4666 (toll-free) and UBS Investment Bank at (212) 882-5723 (collect) and (833) 690-0971 (toll-free). Requests for documentation should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers) or (855) 654-2014 (for all others).

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell the Notes, or a notice of redemption with respect to the Notes. The Tender Offer is being made solely pursuant to the Offer to Purchase. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of the Company by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

None of the Company or its affiliates, the Dealer Managers, the Information Agent, the Depositary or the trustee with respect to the Notes is making any recommendation as to whether holders should tender any Notes in response to the Tender Offer, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.

About The Michaels Companies

At The Michaels Companies, Inc., our purpose is to fuel the joy of creativity and celebration. As the leading destination for creating and celebrating in North America, we operate over 1,300 stores in 49 states and Canada and online at Michaels.com and Michaels.ca. The Michaels Companies, Inc. also owns Artistree, a manufacturer of custom and specialty framing merchandise. Founded in 1973 and headquartered in Irving, Texas, Michaels is the best place for all things creative. For more information, please visit www.michaels.com.

The Michaels Companies Safe Harbor Statement:

Some of the statements in this news release constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. The forward-looking statements made in this release reflect the Company’s intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control. Known risks include, among others, the risks included in the Company’s reports posted on the website it maintains to provide information and reports to holders of the Notes. Because actual results could differ materially from the Company’s intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained in this press release with caution. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:
Allison Malkin
ICR
[email protected]