IKON Office Solutions accepts tenders for 86% of 7¼% notes due 2008

By Jennifer Chiou

New York, May 25 - IKON Office Solutions, Inc. accepted tenders for $81.2 million or 86% of its 7¼% notes due 2008, according to an 8-K filing with the Securities and Exchange Commission.

The tender offer expired at midnight ET on May 24.

At of the consent deadline at 5 p.m. ET on May 10, the Malvern, Pa.-based office equipment supplier previously said it received tenders from holders of about 86% of the notes.

IKON Office Solutions said it will execute a supplemental indenture.

For each $1,000 principal amount of notes, the company said it paid $1,034.52, which includes a $30.00 consent payment for those who tendered before the consent deadline.

IKON Office Solutions added it also paid accrued interest up to but excluding the payment date.

The tender consideration was based on a yield of 50 basis points over the comparable Treasury security.

Wachovia Securities (866 309-6316 or 704 715-8341) is dealer manager and solicitation agent, and D.F. King & Co. (800 758-5378 or 212 269-5550) is information agent.

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