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.

According to a related 8-K filing, Cortland Capital Market Services served as administrative agent and collateral agent for the lenders that included CF, ICX and Fortress Credit.

Under the terms of the new term loans’ credit agreement, the proceeds of the loan must be used to finance the company’s repayment of its 2.50% convertible senior subordinated notes due June 2016. The new term loan will bear interest at LIBOR+10% per annum, payable quarterly with a 1.50% 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.”