October 30, 2017 / 1:37 PM / a year ago

BRIEF-Iconix provides business update and amends term loan

Oct 30 (Reuters) - Iconix Brand Group Inc

* Iconix provides business update and announces amendment to term loan

* Informed by Walmart that Danskinnow license, which is a diffusion of Danskin brand, will not be renewed beyond January 2019​

* As a result, royalty revenue for Danskin brand is estimated to decline approximately $15.5 million in 2018​

* Due to some developments, co forecasted that it would unlikely be in compliance with some its financial debt covenants in 2018

* Recently engaged in talks with lenders to provide relief under financial debt covenants, entered amendment of senior secured term loan

* As a result of discussions with lenders, ‍co agreed to reduce size of credit facility by approximately $75 million to $225 million​

* Continues to evaluate capital raising options to repay debt, strategic alternatives, including sale of certain assets or entire co

* Danskin will continue to be distributed to leading retailers including Lord & Taylor, Costco and TJMaxx​

* Working with Guggenheim Securities LLC as its financial advisor in connection with ongoing efforts to “strengthen its balance sheet” Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below