Brand management company Iconix Brand Group says it has taken "significant steps" to strengthen its balance sheet and enhance its financial flexibility, including securing a new five-year US$300m senior secured term loan facility.

The loan, with Deutsche Bank AG, will be used to repay the company's convertible senior subordinated notes due March 2018 and is at a lower interest and more flexible terms than the previous term loan.

"Strengthening our balance sheet has been a key priority for Iconix, and we are pleased that the financing announced today achieves this objective," says CEO John Haugh.

Iconix, which owns, licenses and markets a portfolio of consumer brands including Umbro and Lee Cooper, has been working to implement initiatives aimed at improving its balance sheet and driving organic growth.

Haugh says that in just over 12 months, the company has repaid more than $650m of debt, helping it secure financing at more favourable terms than in the past. "This loan demonstrates the confidence the investment community has in Iconix and our go forward strategy," he adds. 

Iconix moved to a loss in its first-quarter on the back of declining sales. The company is due to announce its second-quarter results on 9 August.

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