A look from Danskin.

Iconix Brand Group Inc. completed the $345 million sale of its interests in Peanuts and Strawberry Shortcake, and used the net proceeds to pay down $362 million of debt.

The company has been eyeing ways to pay down its debt, and in May elected to sell its 80 percent interest in the Peanuts brand and 100 percent interest in the Strawberry Shortcake brand to DHX Media Ltd. It used the net proceeds, plus cash on hand, to pay down $362 million in principal. The amount paid down includes $210 million in outstanding balance of the firm’s Senior Secured Term Loan and a mandatory payment of $152 million of Iconix’s Senior Secured Notes issued under its securitization facility. The total debt now is $828 million in principal, or $433 million of Senior Secured Notes, $100 million Variable Funding Note and $295 million of 2018 Convertible Notes.

John Haugh, chief executive officer, said, “Improving the balance sheet has been a key objective of our company, and with the entertainment sale complete, we have made significant progress on this objective.”

The ceo noted that in a little more than one year, the company has reduced its debt by more than $650 million and “improved our leverage by approximately two turns.”

Iconix acquired its 80 percent stake in Peanuts in June 2010, and in March 2015 added Strawberry Shortcake to its portfolio. The acquisition cost for the two brands was $246 million.

In selling the entertainment division, the company can now focus on driving profitable revenue growth in its fashion, active and home business operations.

Its apparel brands include Candie’s, Bongo, Joe Boxer, Mossimo, Lee Cooper and London Fog. The active and ath-leisure category includes Umbro and Danskin. The home brands are Royal Velvet, Fieldcrest and Waverly.

The company has been working on initiatives that it expects to drive improve revenue performance in the back half of the year.

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