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Iconix Brand to buy Waverly business
Sep '08
NexCen Brands Inc announced that it has entered into an asset purchase agreement to sell its Waverly business to Iconix Brand Group Inc, a diversified fashion and home brands company.

Under the terms of the agreement, NexCen will receive $26.0 million in cash and Iconix will assume certain future liabilities associated with the Waverly business. NexCen will use the proceeds from the sale to pay off all of the outstanding Waverly debt of $21.3 million.

Following the repayment of this Waverly debt, the remaining sales proceeds, net of transaction expenses, will be used to pay down debt associated with NexCen's Bill Blass business.

The asset sale, which is subject to customary closing conditions, is expected to close within the next 30 days. NM Rothschild & Sons Limited acted as the financial advisor to NexCen.

Kenneth J. Hall, Chief Executive Officer of NexCen Brands, stated, “We are pleased to have executed an agreement for the sale of our Waverly business with an all cash transaction which exceeds the underlying debt associated with that business. We continue to make progress in executing our revised strategic plan to focus on our franchising businesses.

We believe the restructuring of our credit facility, now followed by the sale of Waverly, are important steps in the Company's efforts to de-lever our balance sheet, enhance our liquidity and ultimately to maximize value for our shareholders.”

NexCen Brands Inc

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