Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events

Senior Secured Notes.  In July 2017, in connection with the sale of the Entertainment segment, the Company made a mandatory principal prepayment on its Senior Secured Notes of $152.2 million.

Sale of NGX, LLC.In July 2017, the Company sold its 51% ownership interest in NGX, LLC (“NGX”) for a total purchase price of approximately $2.4 million, effectively reducing its investment in NGX to zero.

Purchase of Iconix Canada.In July 2017, the Company purchased the remaining 50% ownership interest in both Iconix Canada L.P. and Ico Brands L.P. (together with Iconix Canada L.P., collectively, “Iconix Canada”) owned by its joint venture partner for $19.0 million plus 50% of the net asset value of Iconix Canada (estimated to be approximately $2.0 million), in cash, of which $9.0 million was paid at closing and the remaining $10.0 million will be paid over a two-year period.  The Company also paid 50% of the estimated net asset value of Iconix Canada at closing, subject to a post-closing reconciliation based on 50% of the actual net asset value of Iconix Canada.

New Senior Secured Term Loan. On August 2, 2017, the Company entered into a new five-year $300 million senior secured term loan facility with Deutsche Bank AG.  The new $300 million term loan will bear interest at LIBOR plus 7% per annum.  Proceeds will be used to repay the Company’s convertible senior subordinated notes due March 2018 (the 1.50% Convertible Notes).

Complex Media.In July 2017, the Company received $2.7 million in cash of the total $3.7 million which was being held in escrow as a result of the sale of our investment in Complex Media.  In accordance with the terms of the sale agreement, the remaining $1.0 million is expected to be released to the Company in 2018.  Refer to Note 4 for further details.