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IKON Prices Convertible Subordinated Notes

Thursday, May 09, 2002

Press release from the issuing company

VALLEY FORGE, Pa.--May 8, 2002--IKON Office Solutions today announced that IOS Capital, a wholly owned subsidiary of IKON, has entered into an agreement to sell $300,000,000 aggregate principal amount of its 5% convertible subordinated notes due 2007 in a private placement. The notes are convertible into the common stock of IKON Office Solutions at a conversion price of $15.03 per share and are redeemable after May 9, 2005 at the option of IOS Capital. IOS Capital has also granted the initial purchasers an option to purchase an additional $50,000,000 aggregate principal amount of notes. The offering is expected to close on May 13, 2002 and the proceeds 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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