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Iconix Brand repurchases up to $105M of its 2018 convertible notes

Jun. 13, 2016 11:28 AM ETIconix Brand Group, Inc. (ICON) StockICONBy: Niloofer Shaikh, SA News Editor32 Comments
  • Iconix Brand (NASDAQ:ICON -3.6%) has announced an exchange agreement to retire $105M out of the $400M outstanding 1.50% Convertible Notes due March 2018 for aggregate cash payments of ~$35.2M and ~6.8M shares.
  • "Given the repurchase price of the notes, we were able to retire a future debt obligation for significantly less than its face amount.  This debt reduction, combined with the issuance of equity, allows us to enhance our financial flexibility and fulfills one of our principal goals of proactively reducing our leverage over time," said CFO Dave Jones.
  • This transaction has led the company to revise down its 2016 GAAP diluted EPS guidance by $0.04 to $0.71-0.86, and Non-GAAP diluted EPS guidance by $0.09 to $1.06-$1.21.
  • Press release

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