Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for Iconix Brand Group Inc. > News item |
Iconix to repay convertibles due 2018 via $300 million five-year loan
By Susanna Moon
Chicago, Aug. 2 – Iconix Brand Group, Inc. said it plans to repay its convertible senior subordinated notes due March 2018 using proceeds of a new loan.
Iconix obtained a new $300 million five-year senior secured term loan facility with Deutsche Bank AG.
Interest on the loan is Libor plus 700 basis points, which is 300 bps lower than the company’s previous term loan, according to a company announcement.
Guggenheim Securities, LLC is the lead arranger.
“Strengthening our balance sheet has been a key priority for Iconix, and we are pleased that the financing announced today achieves this objective,” John Haugh, chief executive officer of Iconix, said in a company press release.
“In just over a year, we have repaid over $650 million of debt, reducing our leverage ratio by approximately two turns.”
Iconix is a New York-based owner, licenser and marketer of consumer brands.
© 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.