Iconix Brand Group, Inc. (NASDAQ:ICON) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 – Entry into a Material Definitive Agreement.
On March 30, 2020, Iconix Brand Group, Inc. (the “Company”), through IBG Borrower LLC, the Company’s wholly-owned direct subsidiary (“IBG Borrower”), entered into a fifth amendment and waiver (the “Amendment”) to its credit agreement with Cortland Capital Market Services LLC as administrative agent and collateral agent, and the lenders party thereto from time to time (as amended, supplemented or otherwise modified and in effect from time to time, the “Credit Facility”) to, among other things: (i) waive an event of default under the Credit Facility due to the Company’s receipt of a going concern qualified audit opinion and (ii) modify the asset sale prepayment obligation to obligate the Company to pay 75% of the net proceeds from one or more asset sales in any fiscal year to the extent the aggregate amount of asset sale net proceeds exceeds $5.0 million.
The foregoing description is only a summary of the material provisions of the Amendment and is qualified in its entirety by reference to a copy of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01 – Financial Statements and Exhibits.
| 10.1 | Fifth Amendment and Limited Waiver to Credit Agreement, entered into as of March 30, 2020, among IBG Borrower LLC, a Delaware limited liability company, the Guarantors thereunder; each lender from time to time party thereto; and Cortland Capital Market Services LLC, a Delaware limited liability company, as Administrative Agent and Collateral Agent. |
ICONIX BRAND GROUP, INC. Exhibit
EX-10.1 2 tm2014273d1_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 FIFTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT FIFTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT (this “Amendment”) is entered into as of March 30,…
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About Iconix Brand Group, Inc. (NASDAQ:ICON)
Iconix Brand Group, Inc. is a brand management company. The Company owns a diversified portfolio of consumer brands across women’s, men’s, home and entertainment categories. The Company operates through five segments: men’s, women’s, home, entertainment and corporate. The Company’s brand portfolio includes brands, such as Candie’s, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific/OP, Danskin/Danskin Now, Rocawear/Roc Nation, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko Unltd/Mark Ecko Cut & Sew, Zoo York, Umbro, Lee Cooper, Strawberry Shortcake and Artful Dodger, and interests in Material Girl, Peanuts, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands. It operates in various geographic regions, including the United States, Japan and Other (which principally represent Latin America and Europe).