Friday, June 6, 2008

IKON "'re Stock is Rising..."

The stock has recovered 82.8% from its recent low price of 6.73 which occurred March 5, 2008

This from Yahoo, "IKON ... said after the market closed Thursday that it will redeem for cash the remaining $100 million of its senior unsecured floating rate notes due 2012.

The Malvern, Pa., company said the redemption price will be 100 percent of the principal amount plus accrued and unpaid interest up to the redemption date, which is June 30.

The redemption plus a redemption of $50 million of the notes on May 7 will cause Ikon (NYSE:IKN) to post a $5.7 million loss from the early extinguishment of debt in its fiscal third quarter, which ends June 30..."


1 comment:

  1. Rumor is that Ikon is being acquired... and the buyer (possibly Samsung) is in diligence. Cleaning up debt is one step in the process.