S&P downgrades Iconix

S&P said it lowered its corporate credit rating on Iconix Brand Group Inc. to SD from CC.

The CCC+ issue level rating and 1 recovery rating on the senior secured term loan were not affected, the agency said.

S&P said the action follows the completion of the exchange offer for $125 million of convertible notes due in March 2018 for an equal amount of new convertible notes due in August 2023 and cash payments representing accrued interest.

“This represents an upsize of $15 million compared to the exchange amount of $110 million as previously announced,” the agency said in a news release.

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