One of Iconix's several dozen brands. Source: Iconix

What: Shares of Iconix Brand Group Inc (NASDAQ:ICON) were up 19% as of 11:33 a.m. EST Monday after the company secured a $300 million term loan from Fortress Investment Group.

So what: Iconix stock has been battered over the past year as the company has found itself in the middle of an accounting scandal, forcing it to revise years' worth of financial statements.

Last year also saw the surprise resignation of its CEO, COO, and CFO in the wake of unscrupulous accounting for its joint venture transactions. At its nadir in January, the stock had fallen 90% from its peak in 2014. However, investor confidence has started to rebuild as a new CEO, John Haugh, entered the fold last year and the investment giant Blackrock purchased 2 million shares of the company, which owns brands like Joe Boxer, Candies, and Danskin. As a result, the stock jumped 31% last month.

Now what: The $300 million term loan is the latest vote of confidence in Iconix's future, and will allow the brand management company to pay off another loan coming due in June. In the press release announcing the loan, Iconix CFO Dave Jones said, "With the refinancing path for the 2016 converts (convertible loans) now in place, we look forward to a continued focus on our core business; including the growth of our worldwide brand management platform."

With the BlackRock investment, new CEO, and now the term loan, the market seems to believe the worst of accounting scandal is over for Iconix. Although it has not completed the financial restatements, the company did say its 2016 guidance would be unaffected by the restatement, and management expects an adjusted EPS for 2016 of $1.35-$1.40. Even after Monday's jump, the stock trades at a P/E multiple of just seven. As the company repairs its business, I'd expect the stock to continue to move higher.

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