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.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.