Iconix Forgoes Strategic Alternatives, Focuses on 2020 Maturity

Iconix Brands Group Inc. is no longer considering strategic alternatives as it “proactively” thinks of its Jan. 2020 debt maturity, CFO David Jones says on a call to discuss its first quarter results.

• Cash position is now “stable,” CEO John Haugh says
• “On track to deliver” around $12m of annual cost savings
• Ended 1Q with $52m unrestricted and $44m of restricted cash
  • Expects to end 2018 with “similar amounts of cash”
• Iconix has $806m face-value of debt at the end of the quarter, CFO says
  • NOTE: Call doesn’t address subpoena to Jay-Z related to SEC probe of accounting
  • Previously ...