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IOS Capital, Subsidiary of IKON Gets Unsecured Debt Offering Totaling $250 Million

Press release from the issuing company

VALLEY FORGE, Pa., June 18 -- IKON Office Solutions announced today that its captive U.S. leasing subsidiary, IOS Capital, has completed an offering for $250 million in unsecured public debt that will mature in 2004. The offering was made pursuant to a previously filed shelf registration statement. "We are extremely pleased that IOS Capital has successfully accessed the unsecured public debt market,'' stated James J. Forese, Chairman and CEO. "In light of the current economic climate and the difficulties many companies are facing during this challenging time in the capital markets, this offering demonstrates that investors continue to recognize IOS Capital as a leader in the equipment financing field. "While the asset-backed market has been, and will continue to be, the primary financing source for IOS Capital, the unsecured market, together with various third party financings, provides IOS Capital with additional financing flexibility as IKON pursues growth opportunities in targeted markets.'' Lehman Brothers Inc. managed the offering.

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