IKON to Redeem Remaining $100 Million of 2012 Notes
29 Maggio 2008 - 9:13PM
Business Wire
IKON Office Solutions (NYSE:IKN), the world�s largest independent
channel for document management systems and services, announced
today it will redeem for cash the remaining $100 million in
aggregate principal amount of its Senior Unsecured Floating Rate
Notes due 2012. The redemption price will be 100 percent of the
principal amount plus accrued and unpaid interest up to, but not
including, the redemption date of June 30, 2008. A notice of
redemption has been sent to all current registered holders of the
Notes by the trustee, The Bank of New York. As a result of this
redemption and the redemption of $50 million on May 7, 2008, the
Company will incur an approximate $5.7 million loss from the early
extinguishment of debt in the third quarter of fiscal 2008, ending
June 30, 2008. As a reminder, the Company�s previously communicated
outlook for the third quarter and full year fiscal 2008 excluded
the impact of any losses from the early extinguishment of debt. The
Company issued $150 million of the 2012 Notes on December 20, 2007.
This news release does not constitute an offer to buy the Senior
Unsecured Floating Rate Notes due 2012. About IKON IKON Office
Solutions, Inc. (www.ikon.com) is the world�s largest independent
channel for document management systems and services, enabling
customers to improve document workflow and increase efficiency.
IKON integrates best-in-class copiers, printers and MFP
technologies from leading manufacturers, such as Canon, Ricoh, and
Konica Minolta, and document management software and systems from
companies like Captaris, Kofax, EFI, eCopy and others, to deliver
tailored, high-value solutions implemented and supported by its
global services organization � IKON Enterprise Services. With
fiscal year 2007 revenue of $4.2 billion, IKON has approximately
25,000 employees in over 400 locations throughout North America and
Western Europe. Safe Harbor This news release includes information
that may constitute forward-looking statements within the meaning
of the federal securities laws. These forward-looking statements
include, but are not limited to, statements relating to the
redemption of the Company�s Senior Unsecured Floating Rate Notes
due 2012 and the expected loss on extinguishment of debt. Although
IKON believes the expectations contained in such forward-looking
statements are reasonable, it can give no assurances that such
expectations will prove correct. Such forward-looking statements
are based upon management�s current plans or expectations and are
subject to a number of risks and uncertainties set forth in our
filings with the U.S. Securities and Exchange Commission. As a
consequence of these and other risks and uncertainties, IKON�s
current plans, anticipated actions and future financial condition,
results may differ materially from those expressed in any
forward-looking statements. IKON Office Solutions� and IKON:
Document Efficiency at Work� are trademarks of IKON Office
Solutions, Inc. All other trademarks are the property of their
respective owners. (FIKN)
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