IKON:WANTS TO SELL $300M WORTH OF LEASES

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IKON:WANTS TO SELL $300M WORTH OF LEASES

 user 2006-03-16 at 11:42:00 am Views: 56
  • #14842

    IKON Enters into Discussions to Sell $300 Million of Lease Receivables
    March
    06MALVERN, Pa.–March 2006–IKON Office Solutions , the world’s largest
    independent channel for document management systems and services,
    announced today that it has entered into discussions with GE Capital
    Solutions (“GE”) to sell approximately $300 million of U.S. lease
    receivables to GE. The transaction, if completed, is expected to net
    IKON approximately $70 million after payment of related debt and taxes.
    The transaction is contingent upon the negotiation and approval of a
    definitive purchase agreement and is currently targeted to close during
    IKON’s third quarter of fiscal year 2006.
    About IKON
    IKON Office
    Solutions, Inc., the world’s largest independent channel for copier,
    printer and MFP technologies, delivers integrated document management
    solutions and systems, enabling customers worldwide to improve document
    workflow and increase efficiency. IKON integrates best-in-class systems
    from leading manufacturers, such as Canon, Ricoh, Konica Minolta, EFI
    and HP, and document management software from companies like Captaris,
    Kofax and others, to deliver tailored, high-value solutions implemented
    and supported by its global services organization–IKON Enterprise
    Services. With fiscal year 2005 revenue of $4.4 billion, IKON has
    approximately 26,000 employees in 450 locations throughout North
    America and Western Europe.