IKON Office Solutions to sell $150 million floaters for recapitalization

By Paul A. Harris

St. Louis, Nov. 21 - IKON Office Solutions, Inc. intends to offer $150 million of senior unsecured floating-rate notes due 2011, according to an 8-K document filed Wednesday with the Securities and Exchange Commission.

Wachovia Investments will be the initial purchaser.

The proceeds will be used to help fund the recapitalization of the company related to an 18-month extension of a standstill agreement between IKON and Steel Partners II, LP.

The commitment indenture, registration rights agreement and documentation of the new notes are substantially identical to those of IKON's existing 7¾% senior notes due 2015.

IKON is a Malvern, Pa., integrated document management systems and solutions provider.

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