IKON Office Solutions $225 million 10-year notes talked at 7¾% area, to price Friday

By Paul A. Harris

St. Louis, Sept. 14 - IKON Office Solutions talked its $225 million offering of 10-year senior unsecured notes for a yield in the area of 7¾%, according to market sources.

The offering is expected to price on Friday morning.

Wachovia Securities and Lehman Brothers are joint bookrunners for the Rule 144A offering.

The notes come with five years of call protection.

Proceeds will be used to call the company's 5% convertible notes due 2008.

Moody's Investors Services assigns its Ba2 rating to the notes. Standard & Poor's rates the notes BB.

The company is a document management systems and solutions provider with headquarters in Malvern, Pa.

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