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IKON Completes $595 Million Securitization

Monday, June 25, 2001

Press release from the issuing company

VALLEY FORGE, Pa., June 22 -- IKON Office Solutions, Inc. today announced that IKON Receivables LLC, an indirectly owned, special purpose subsidiary, will issue, on or about June 28, 2001, $595 million of equipment lease-backed notes. IOS Capital, Inc., a subsidiary of IKON Office Solutions, will act as Servicer. The four classes of lease-backed notes are anticipated to be rated A-1+/P-1 or Aaa/AAA by Moody's Investors Service and Standard & Poor's. The notes are backed by lease contracts on copiers and other office equipment. The notes are insured by AMBAC Assurance Corporation. Deutsche Bank Alex Brown managed the sale, with Bank of America Securities LLC, J.P. Morgan Chase & Co., Lehman Brothers, and PNC Capital Market acting as co-managers. The overall interest rate to IKON Receivables LLC on this transaction is 5.02%. A registration statement related to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the prospectus related to the offering may be obtained by contacting Deutsche Bank Alex Brown.




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