IKON:WANTS TO SELL $300M WORTH OF LEASES

[Anonymous]

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.

[Author]

March 16, 2006 at 11:42 AM