News Recap – Iconix Brand Group Inc. (NASDAQ:ICON)

Iconix Brand Group Inc. (NASDAQ:ICON) closed with change of -0.75% to $1.32 with the total traded volume of 962209 shares versus to an average volume of 2.46M. The stock was up in the 5 days activity 3.13%. The one month performance of stock was -23.70%. ICON shares are -8.97% for the quarter and driving a -81.97% over the course of the past year and is now up 2.33% since this point in 2018.  Right now ICON beta is 1.02. The average volatility for the week and month was at 8.09% and 8.60% respectively.

Iconix Brand Group Inc. (NASDAQ:ICON) recently reported that it has repaid the remaining $236 million 1.50% convertible senior subordinated notes due March 15, 2018 (the “2018 Notes”).

As previously disclosed, on February 22, 2018, the Company exchanged $125 million aggregate principal amount of 2018 Notes for $125 million aggregate principal amount of new 5.75% convertible senior subordinated secured second lien notes due 2023. Today, the Company drew down $110 million under its senior secured term loan and used those proceeds, along with cash on hand, to make a payment to the trustee under the indenture governing the 2018 Notes in an amount to repay the remaining 2018 Notes at maturity on March 15, 2018.

John Haugh, CEO of Iconix stated, “We are pleased to announce that by repaying our 1.50% notes we have satisfied our near-term debt obligations and significantly improved our balance sheet. This represents a major step forward in our overall strategy to de-lever and achieve an appropriate capital structure.”

Shares of Iconix Brand Group, Inc. have been recently spotted trading -84.10% off of the 52-week high price. On the other end, company shares have been noted 20.00% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 1.10 – 8.30. Switching over to some distances from popular moving averages, we see that the stock has been recorded -4.12% away from the 50 day moving average and -66.28% away from the 200 day moving average. Moving closer, we can see that shares have been trading -8.43% off of the 20-day moving average.

Garrick Tony

Garrick Tony

Garrick Tony is a self-taught investor and follows the value investing approach to picking stocks. He possesses over 10 years of investment experience, an M.B.A. from Louisiana State University, and is also certified in Risk Management Assurance. Garrick is a Certified Internal Auditor, Data Miner, and author with a career broadly spanning over multiple business areas. He has exploited those observations and developed investment tactics within a fundamentally sound long-term investment strategy. He currently covers Business News category for our site. Address: 576 Wayside Lane, Oakland, California Email: Zip Code: 94612 Contact number: 510-327-2666

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