Iconix plans to redeem $125 million 5.75% convertibles due 2023

By Wendy Van Sickle

Columbus, Ohio, July 16 – Iconix Brand Group, Inc. gave notice to redeem its $125 million of 5.75% convertible senior notes due 2023 on Aug. 16, according to news release.

The redemption is conditioned on the conversion or contribution to Iconix of the outstanding principal amount of notes beneficially owned by Iconix Acquisition LLC and the consummation of the company’s previously announced merger with Iconix Merger Sub Inc.

The redemption price will be par plus accrued interest.

Bank of New York Mellon Trust Co., NA is the trustee.

The company also announced that it has notified holders that a fundamental change is expected to occur on consummation of the merger. The anticipated date of the fundamental change is Aug. 3.

The proposed fundamental change repurchase date is Sept. 16. Accordingly, the deadline by which holders may elect the repurchase option is expected to be 5 p.m. ET on Sept. 15. The fundamental change repurchase price would be par plus interest.

Iconix is a New York-based owner, licenser and marketer of consumer brands.

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