IKON Office Solutions gets required consents, prices tender for 7¼% notes

By Jennifer Chiou

New York, May 11 - IKON Office Solutions Inc. announced it received the required consents and set pricing in its tender offer for its 7¼% notes due 2008.

As of the consent deadline at 5 p.m. ET on May 10, the company said it received tenders from holders of $81.2 million or about 86% of the notes. IKON Office Solutions said it will execute a supplemental indenture now that it has received enough consents to amend the note indenture.

For each $1,000 principal amount of notes, the company said it will pay $1,034.52, which includes a $30.00 consent payment for those who tendered before the consent deadline.

IKON Office Solutions added it will also pay accrued interest up to but excluding the payment date, expected to be May 25.

The tender consideration was based on a yield of 50 basis points over the comparable Treasury security.

The tender offer will expire at midnight ET on May 24.

Wachovia Securities (866 309-6316 or 704 715-8341) is dealer manager and solicitation agent, and D.F. King & Co. (800 758-5378 or 212 269-5550) is information agent.

IKON Office Solutions is a Malvern, Pa.-based office equipment supplier.

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