IKON Office Solutions calls $50 million of floating-rate notes

By Angela McDaniels

Tacoma, Wash., April 7 - IKON Office Solutions, Inc. will redeem $50 million of its $150 million outstanding floating-rate notes due 2012 at par plus accrued interest on May 7, according to an 8-K filing with the Securities and Exchange Commission.

The company said it will use available cash to fund the partial redemption.

On Friday, IKON announced plans for an exchange offer for the notes in an S-4 filing with the SEC. Under the offer, holders will have the option of exchanging their notes for a like amount of senior unsecured floating-rate notes due 2012 that have been registered under the Securities Act of 1933. The dates on which the offer will begin and end have not been set.

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

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