Iconix greenshoe fully exercised, lifts convertibles to $400 million

By Marisa Wong

Madison, Wis., March 18 - Iconix Brand Group Inc. closed a $400 million sale of five-year convertible senior notes on Monday, according to an 8-K filing with the Securities and Exchange Commission. The total issue amount includes $50 million from a fully exercised over-allotment option.

The company priced an upsized $350 million of convertible notes at par to yield 1.5% with an initial conversion premium of 32.5% on March 12, as previously reported.

The Rule 144A deal was initially seen at $325 million in size, also with a $50 million greenshoe.

Barclays was the bookrunner.

Proceeds are earmarked to fund the repurchase of common stock concurrently with the offering and to fund the cost of a call spread aimed at reducing potential dilution upon conversion and for general corporate purposes, including acquisitions and share repurchase programs.

New York-based Iconix is a consumer brands marketing company.

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