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Iconix delivers notice to holders of notes due 2016 & 2018

July 01, 2014 (United States Of America)

Iconix Brand Group Inc. announced that it has notified holders of each of its 2.50% Convertible Senior Subordinated Notes due 2016 (the "2016 Notes") and 1.50% Convertible Senior Subordinated Notes due 2018 (the "2018 Notes" and, together with the 2016 Notes, the "Notes") that such holders are eligible to convert the Notes, subject to the terms of (i) in the case of the 2016 Notes, the Indenture, by and among the Company and The Bank of New York Mellon Trust Company N.A., as Trustee ("BNY Mellon"), dated as of May 23, 2011 (the "2016 Notes Indenture") and (ii) in the case of the 2018 Notes, the Indenture, by and among the Company and BNY Mellon, dated as of March 18, 2013 (the "2018 Notes Indenture" and, together with the 2016 Notes Indenture, the "Indentures").
 
The conversion rights have been triggered as a result of the closing price per share of the Company's common stock, par value $0.001 per share ("Common Stock"), exceeding $39.98 which is 130% of the conversion price for the 2016 Notes, and $40.12 which is 130% of the conversion price for the 2018 Notes, in each case for at least 20 trading days during the 30 consecutive trading day period ending on June 30, 2014. As a result of the triggering of such conversion rights, the Notes are convertible until September 30, 2014.
 
Based on the current market value of the Notes, the Company does not anticipate a material portion of the Notes to be converted.  Further, the Company has hedges for both Notes, which effectively increase the conversion price to Iconix to $40.62 in the case of the 2016 Notes, and $35.52 in the case of the 2018 Notes.
 

Iconix Brand Group
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