Moody's ups Iconix to positive

Moody's Investors Service said it revised Iconix Brand Group, Inc.'s outlook to positive from stable and affirmed Iconix's B1 corporate family and probability of default ratings and B2 senior subordinated convertible notes. The company has an SGL-2 speculative-grade liquidity rating.

Proceeds from the offering would be used to repay the company's existing $111 million secured term loan due January 2012 in full. The balance of proceeds will provide additional liquidity to the company and provides the company with greater capacity to meet its remaining 2012 maturities.

The outlook revision to positive from stable reflects Iconix's announcement that it intends to offer $275 million of new convertible subordinated notes due 2016, the agency said.

The positive outlook also reflects improved flexibility for the company as a result of the release of the security for the $111 million term loan that is being prepaid, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.