Home / Knowledge / News / Apparel/Garments / Iconix delivers notice to holders of notes due 2016 & 2018
Iconix delivers notice to holders of notes due 2016 & 2018
01
Jul '14
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


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search