IKON Enters into Discussions to Sell $300 Million of Lease Receivables
Press release from the issuing company
MALVERN, Pa.--March 15, 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.
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