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New York, July 16, 2021 (Global News Agency)-Iconix Brand Group, Inc. (NASDAQ:icon) (“Iconix” or “Company”) today announced that it has sent a full conditional redemption notice (“Notice”) of a 5.75% convertible senior note (“Note”) due in 2023 to the trustee. The notice requires the redemption of the initial total principal amount of the US$125 million note on August 16, 2021, and is subject to conversion or capital contribution to the company. Iconix Acquisition LLC (“Conversion”) and the company’s previously announced agreement with Iconix Merger Sub Inc.’s merger (“Merger”) to complete the subsidiary in accordance with the specific agreement and merger plan of the company, Iconix Acquisition LLC and Iconix Merger on June 11, 2021
The redemption price of the note is 100% of the redemption principal amount. According to the specific contract dated February 22, this amount is equal to 1,000 USD per 1,000 USD principal amount plus the accrued sum up to the redemption date Unpaid interest, in 2018 (revised, “deed”), the company, its guarantor, and the Bank of New York Mellon Trust Company acted as the trustee and mortgage agent to manage the bills.
Additional information regarding the redemption terms and conditions is fully described in the notice distributed to note holders. Beneficiaries should contact their respective brokerage companies or financial institutions if they have any questions about the redemption.
The company also announced today that it has notified note holders that it is expected that fundamental changes will occur after the merger is completed (as defined in the contract).
The current expected date of fundamental changes is August 3, 2021, and the recommended repurchase date (defined as dentures) of fundamental changes is September 16, 2021. Therefore, the deadline for noteholders to choose the repurchase option is Dentures Section 3.01 is expected to be held at 5:00 pm New York City time on September 15, 2021.
The basic change repurchase price (as defined in the contract) is US$1,000 per the principal amount of the US$1,000 note, plus accrued and unpaid interest as of the date of the repurchase. The fundamental change to make up for the full amount (as defined in the denture) does not apply.
There is no guarantee that the conversion or merger will be completed…
The full story on Benzinga.com
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