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IKON Seeks Private Placement of $250 Million of Convertible Notes

Tuesday, May 07, 2002

Press release from the issuing company

VALLEY FORGE, Pa.--May 6, 2002--IKON Office Solutions today announced that IOS Capital, a wholly owned subsidiary of IKON, intends to offer convertible subordinated notes in a private placement, subject to market and other conditions. The notes will be convertible into shares of IKON common stock at a price to be determined. The offering is expected to raise $250,000,000 (or up to $300,000,000 to the extent an option to purchase additional shares is exercised), which will be used for general corporate purposes, including the repayment of certain indebtedness. The convertible subordinated notes have not been and will not be registered under the Securities Act, and will be offered and may only be sold to qualified institutional buyers in accordance with Rule 144A and to non-U.S. persons outside the U.S. in accordance with Regulation S under the Securities Act of 1933. The IKON common stock issuable upon conversion of the notes has not been registered under the Securities Act and may not be offered or sold except in compliance with the registration requirements of the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

 

 

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