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Tuesday, October 27, 2009 7:31:34 AM
For this acquisition, Iconix will pay $63.5 million of its cash, and the joint venture, of which Iconix will own 51%, will obtain $90 million of financing at an annual interest rate of approximately 7.5%, which is non-recourse to Iconix. Therefore, Iconix's effective purchase price for this acquisition will be $109 million. On a pro-forma basis for 2010, the Company expects the joint venture to generate approximately $42 - $44 million in annual net royalty revenue. Based on a pre-defined revenue and profit sharing calculation in the agreement the Iconix share of the gross royalties from the joint venture will be approximately $26 million. Iconix will control the licensing business and will therefore consolidate 100% of the results of this joint venture with minority interest being deducted below the operating income line, and only the earnings attributable to Iconix will be included in EBITDA.
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