Iconix Brand Group said Friday it priced an upsized offering of notes backed by licensing fees.
The senior notes, which were originally sized at $250 million, yield 4.352%. They were issued under Iconix's s existing securitization program via the 144a market to qualifed institutional investors. The offering is expected to close on June 21, 2013, subject to customary closing conditions.
The notes will be secured by substantially all of the assets of Iconix's subsidiaries, including intellectual property assets, including U.S. and Canadian trademarks and related license agreements, and the rights to receive payments thereunder, joint venture interests and various accounts.
Iconix will use proceeeds to for general corporate purposes, including 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.