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Retail stores operator

Michaels Stores

(MIK) - Get Michaels Companies Inc Report

said Wednesday that it intends to raise gross proceeds of about $1.075 billion through senior notes due 2014 and senior subordinated notes due 2016.

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The Irving, Texas-based company plans to use the net proceeds from these offerings to partially fund the previously announced merger of the company with affiliates of Bain Capital Partners and The Blackstone Group.

The company said that the consummation of these note offerings is subject to market and other conditions including, without limitation, the closing of the merger transaction.

The company's shares were trading up three cents at $43.67 Wednesday.

This story was created through a joint venture between TheStreet.com and IRIS.