IKON prices tender offer for 7¾% notes, gets needed consents

By Angela McDaniels

Tacoma, Wash., Nov. 12 - IKON Office Solutions, Inc. said it will pay $1,150.27 for each $1,000 principal amount of notes tendered by the consent deadline in its offer to purchase any and all of its 7¾% notes due 2015.

Holders who tender after that time but before the offer expiration will receive $1,120.27 for each $1,000 principal amount, according to a company news release.

The consent deadline was 5 p.m. ET on Nov. 12, and the tender offer expires at midnight ET on Nov. 26.

All holders who tender will also receive accrued interest up to but excluding the payment date, which is expected to be Nov. 13 for notes tendered by the consent deadline and Nov. 28 for the remaining notes.

As of the consent deadline, the company had received tenders and consents from holders of $222.4 million, or 98.8%, of the notes.

IKON said the consents received are enough to amend the indenture governing the notes, and the company has executed a supplemental indenture. The undisclosed amendments and the waivers will become operative after the notes tendered by the consent deadline are accepted for purchase.

The offer began on Oct. 29. The condition that Ricoh Co., Ltd. successfully complete its acquisition of the company for $17.25 per share was met on Oct. 31.

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

IKON is a Malvern, Pa.-based maker of document management systems and services. Ricoh is a Tokyo-based digital office solutions provider.

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