Michaels Stores has revised it offer to extend $1 billion of its $2.3 billion term loan by three years. The arts-and-crafts retailer is now willing to pay Libor plus 450 bps, up from 375 bp and its original spread of Libor plus 225 bps. Deutsche Bank is advising the company on the deal. Bain Capital and The Blackstone Group acquired Michaels Stores in 2006 for $5.8 billion.