Iconix Brand Group has entered into a new five-year $300 million senior secured term loan credit facility provided by credit funds managed by affiliates of Fortress Investment Group.

Under the terms of the credit agreement, the proceeds of the loan must be used to finance the company’s repayment of its 2.5% convertible senior subordinated notes due June 2016. The new term loan will bear interest at LIBOR+10% per annum, payable quarterly with a 1.5% floor on LIBOR.

“We are pleased to have successfully secured this new capital, which shows the confidence that Fortress has in our underlying business,” said Dave Jones, chief financial officer of Iconix. “With the refinancing path for the 2016 converts now in place, we look forward to a continued focus on our core business, including the growth of our worldwide brand management platform.”

The company expects the transaction to close within 30 days. Funding is subject to the satisfaction of certain conditions precedent, including the establishment of certain cash management arrangements, the depositing into an escrow account by the lenders of the net proceeds and several customary conditions precedent.

In connection with the financing of the new term loan, Guggenheim Securities is acting as financial advisor to Iconix and White & Case is acting as the company’s legal advisor. Kirkland & Ellis is acting as legal advisor to Fortress.

Iconix Brand Group owns, licenses and markets a growing portfolio of consumer brands including Fieldcrest, Candie’s, Joe Boxer and Sharper Image.