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Moody's ups Iconix notes
Moody's Investors Service said it upgraded Iconix Brand Group, Inc.'s $287.5 million convertible senior subordinated notes due June 2012 to B1 from B2.
Moody's also affirmed the company's B1 corporate family and probability of default ratings. Iconix has an SGL-2 speculative grade liquidity rating.
The outlook is positive.
Moody's said the upgrade considers the repayment in full of the company's secured term loan with cash previously raised through the May 23, 2011 issuance of $300 million 2.5% convertible senior subordinated notes.
This debt repayment eliminates the debt that was ahead of the company's 1.875% convertible senior subordinated notes in its capital structure and improves the notes recovery prospects based on the application of Moody's loss given default methodology, according to the agency.
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