NEW YORK, March 7, 2016 /PRNewswire/ — Iconix Brand Group, Inc. (NASDAQ: ICON) (“Iconix” or the “Company”) today announced that it has entered into a new five-year $300 million senior secured term loan credit facility provided by credit funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG, “Fortress”).

Under the terms of the credit agreement through which the new term loan is provided, the proceeds of the loan must be used to finance the Company’s repayment of its 2.50% convertible senior subordinated notes due June 2016 (the “2016 Notes”). The new term loan will bear interest at LIBOR+10% per annum, payable quarterly with a 1.50% floor on LIBOR.

“We are pleased to have successfully secured this new capital, which shows the confidence that Fortress has in our underlying business,” said Dave Jones, Chief Financial Officer of Iconix, “With the refinancing path for the 2016 converts now in place, we look forward to a continued focus on our core business; including the growth of our worldwide brand management platform.”

For more information, click here.