Key Developments: Iconix Brand Group Inc (ICON.O)
30.15USD
17 Jun 2013
$0.11 (+0.37%)
$30.04
$30.25
$30.48
$29.99
533,477
825,046
$31.22
$16.13
Latest Key Developments (Source: Significant Developments)
Iconix Brand Group Inc Announces Upsizing and Pricing of $275 Million of 4.352% Senior Secured Notes
Iconix Brand Group Inc announced the pricing of certain of its subsidiaries' (the co-issuers) private offering of $275 million aggregate principal amount of 4.352% senior secured notes (the notes) under its existing securitization program. The size of the notes offering was increased from the previously announced $250 million principal amount to $275 million principal amount. The offering is expected to close on June 21, 2013, subject to customary closing conditions. The notes will pay interest quarterly in cash on January 25, April 25, July 25 and October 25 at a rate of 4.352% per year, commencing July 25, 2013 and will have an anticipated repayment date of January 25, 2020. Iconix estimates that the net proceeds from the offering of the notes will be approximately $265 million, after deducting the initial purchasers' discount and estimated offering expenses. In addition, Iconix expects for the co-issuers to distribute the net proceeds to Iconix, and Iconix expects to use the net proceeds from the offering of the notes for general corporate purposes, which may include, but are not limited to, investing in or acquiring new brands through opportunistic mergers, stock or asset purchases and/or other strategic relationships, although there is no present commitments or agreements with respect to any such investments or acquisitions. Full Article
Iconix Brand Group Inc Announces Proposed Private Offering of $250 Million of Securitized Notes
Iconix Brand Group Inc announced that certain of its subsidiaries intend to offer, subject to market and other conditions, $250 million aggregate principal amount of senior secured notes (the notes) in a private offering under its existing securitization program. The notes will be offered only to qualified institutional buyers in reliance on Rule 144A and outside the United States to non-U.S. persons in compliance with Regulation S of the Securities Act of 1933, as amended (the Securities Act). Iconix expects for its subsidiaries to distribute the net proceeds to Iconix, and Iconix expects to use the net proceeds from the offering of the notes for general corporate purposes, which may include, but are not limited to, investing in or acquiring new brands through opportunistic mergers, stock or asset purchases and/or other strategic relationships, although there is no present commitments or agreements with respect to any such investments or acquisitions. Full Article
Iconix Brand Group Inc Acquires Remaining 49% Interest In Ecko Unltd., And Marc Ecko Cut & Sew
Iconix Brand Group Inc announced that it has purchased the 49% minority interest in IP Holdings Unltd LLC (IPHU), owner of the Ecko Unltd., Marc Ecko Cut & Sew and related trademarks. Previously, the Company held a 51% controlling interest in IPHU. Marc Ecko Enterprises (MEE) will continue in its role as the core apparel licensee for the brands. The Company paid $45 million in cash for the remaining equity in IPHU. In addition, as part of the transaction, the sellers will no longer have any obligations under a note payable by IPHU in the approximate amount of $52 million. CoMetrics Partners LLC acted as the financial advisor to MEE in the transaction. Full Article
Iconix Brand Group Inc Reaffirms FY 2013 Revenue Guidance; Raises FY 2013 EPS Guidance
Iconix Brand Group Inc announced that for fiscal 2013, it maintains its revenue guidance of $425-$435 million, raises non-GAAP diluted earnings per share (EPS) guidance to $2.10-$2.20 from $2.05-$2.15 and GAAP diluted EPS guidance to $2.00-$2.10 from $1.95-$2.05. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $431 million and EPS of $2.11 for fiscal 2013. Full Article
Iconix Brand Group Inc Announces Pricing of $350 Million Private Offering of 1.50% Convertible Senior Subordinated Notes
Iconix Brand Group Inc announced the pricing of its private offering of $350 million aggregate principal amount of 1.50% Convertible Senior Subordinated Notes due 2018, which was upsized from the previously announced $325 million offering, to be sold to qualified institutional buyers in reliance as amended. Iconix has granted the initial purchaser of the notes a 30-day option to purchase up to an additional $50 million aggregate principal amount of notes. The offering is expected to close on March 18, 2013. The notes will pay interest semi-annually in cash on March 15 and September 15 at a rate of 1.50% per year, commencing September 15, 2013. The notes will mature on March 15, 2018. Iconix estimates that the net proceeds from the offering of the notes will be approximately $342.0 million (or approximately $391.0million if the initial purchaser exercises its over-allotment option in full), after deducting the initial purchaser's discount and estimated offering expenses. It expects to use the net proceeds from the offering of the notes to fund the repurchase of approximately 2.96 million shares of its common stock for approximately $69 million in privately negotiated transactions through the initial purchaser conducted contemporaneously with the pricing of the notes; to fund the net cost of a convertible note hedge transaction and a warrant transaction with a hedge counterparty and; for general corporate purposes. Full Article
Iconix Brand Group Inc Announces Proposed Private Offering Of $325 Million Of Convertible Senior Subordinated Notes And Repurchase Of Up To $75 Million Of Common Stock
Iconix Brand Group Inc announced that it intends to offer, subject to market and other conditions, $325 million aggregate principal amount of Convertible Senior Subordinated Notes due 2018 (the notes) in a private offering. The notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the Securities Act). Iconix also expects to grant to the initial purchaser of the notes a 30-day option to purchase up to an additional $50 million aggregate principal amount of notes, solely to cover over-allotments, if any. Iconix expects to use the net proceeds from the offering of the notes (i) to fund the repurchase of up to $75 million of its common stock in privately negotiated transactions through the initial purchaser conducted contemporaneously with the pricing of the notes, (ii) to fund the net cost of a convertible note hedge transaction and a warrant transaction with a hedge counterparty, as described below, and (iii) for general corporate purposes, which may include investing in or acquiring new brands through opportunistic transactions and strategic relationships and additional share repurchases. Since January 1, 2013, Iconix has repurchased approximately 2.6 million shares of its common stock for an aggregate purchase price of approximately $62.0 million. The notes will mature on March 15, 2018. Full Article
Iconix Brand Group Inc Raises FY 2013 Guidance
Iconix Brand Group Inc announced that to reflect the Company's acquisition of Lee Cooper, the Company has raised fiscal 2013 guidance. The Company has raised revenue guidance to $425-$435 million from $415-$425 million, raised fiscal 2013 non-GAAP diluted EPS guidance to $2.05-$2.15 from $2.00-$2.10 and raised fiscal 2013 GAAP diluted EPS guidance to $1.95-$2.05 from $1.90-$2.00. This guidance relates to the Company's existing portfolio of brands and does not include any additional acquisitions. Full Article
Iconix Brand Group Inc Announces $300 Million Stock Repurchase Program
Iconix Brand Group Inc announced that Board of Directors has authorized a program to repurchase up to $300 million of its common stock over a three year period. This plan was put in place in anticipation of the full use of the Company's existing $200 million stock repurchase program which was approved by the Board in October 2011. Full Article
Iconix Brand Group Inc's Subsidiary Acquires Lee Cooper
Iconix Brand Group Inc announced that it has acquired Lee Cooper, a lifestyle brand for $72 million in cash. The brand was acquired through the Company's Luxembourg subsidiary, Iconix Luxembourg Holdings Sarl. Full Article
Iconix Brand Group Inc Acquires 51% Stake In Buffalo David Bitton Brand; Raises FY 2013 Guidance-DJ
Dow Jones reported that Iconix Brand Group Inc acquired a 51% stake in the Buffalo David Bitton brand for $76.5 million, contributing to the brand manager's raising fiscal 2013 guidance as the Company adds a joint venture (JV) to its portfolio of brands. The Buffalo brand, which, includes jeans and other apparel and accessories, will be the core licensee for the new venture. For fiscal 2013, Iconix now expects per-share earnings of $2 to $2.10 on revenue of $415 million to $425 million, compared with its prior estimate for $1.85 to $1.95 and $395 million to $405 million, respectively. Iconix said the raised per-share profit view also reflects increased share buyback activity. Full Article
Iconix picks up Lee Cooper; raises FY 2013 forecast
- Iconix Brand Group Inc acquired British denim label Lee Cooper to grow its international business and raised its 2013 forecast to reflect the new business.
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