Exhibit 99.1
Contacts:

Veronica Rosa                                          Steve Eck
Investor Relations                                     Media Relations
610-408-7196                                           610-408-7295
vrosa@ikon.com                                         seck@ikon.com


             IKON COMPLETES $300 MILLION UNSECURED CREDIT FACILITY;
                     COMMENTS ON OVERALL FINANCING STRATEGY

Valley Forge, Pennsylvania - May 28, 2002 - IKON Office Solutions, Inc. (NYSE:
IKN) today announced the completion of a $300 million unsecured revolving credit
facility that replaces the facility that would have terminated in January 2003.
The facility will be used for general corporate purposes. J. P. Morgan
Securities Inc. is the sole lead arranger on the facility and Bank of America,
N.A., Deutsche Bank Securities Inc., and Wachovia Bank, National Association are
co-documentation agents.

"This credit facility agreement, together with the recently completed financings
by our leasing operations, including the $300 million convertible debt offering
issued a few weeks ago and the $635 million asset-backed securitization priced
just last week, completes a series of major financing initiatives the Company
had planned for Fiscal 2002," stated James J. Forese, Chairman and CEO. "We are
very pleased to be able to execute on this aspect of our Fiscal 2002 goals,
despite what has become a very difficult credit environment for all businesses.
These financings better position the Company's balance sheet for long-term
growth opportunities, and support execution of our overall strategy, which
includes offering lease financing to customers - an important competitive
differentiator for IKON in our industry today.

"As the largest independent provider of office, production and outsourcing
solutions in North America with a strong market presence in Europe, IKON has
tremendous potential to leverage its position in the industry," continued
Forese. "We also continue to believe we can substantially expand operating
margins long-term and generate continued strong free cash flow. Having the
appropriate financing strategies to achieve those goals is key. That includes
short-term needs and long-term goals that maximize our future access to capital
so that IKON can be in a position to take advantage of growth opportunities as
they present themselves in the years ahead.




"As is customary for leasing activity, our operations must raise capital on a
continual basis to meet the expected funding needs of the lease receivables
portfolio. In the future, we intend to continue to finance the needs of our
leasing operations primarily through the asset-backed market, as well as through
the unsecured debt market and other alternative financing sources. The
convertible debt recently issued by IOS Capital, IKON's largest captive leasing
organization, took advantage of strong demand in the convertible market due to
today's capital-constrained banking environment. While we do not plan to utilize
this market again in the near-term, I believe our ability to take advantage of
this window of opportunity was a plus for the business.

"With our strong cash flow, our non-leasing operations do not require a
significant amount of revolving credit in the near term; therefore, the $300
million facility is appropriate for our needs at this time. Excluding leasing
debt, IKON's debt to equity ratio at March 31, 2002 was 28%, and corporate debt
totaled approximately $609 million. Our balance sheet continues to strengthen
and we are taking all actions within our control to ensure that we can
capitalize on that in the future," concluded Forese.

IKON Office Solutions (www.ikon.com) is one of the world's leading providers of
products and services that help businesses communicate. IKON provides customers
with total business solutions for every office, production and outsourcing need,
including copiers and printers, color solutions, distributed printing,
facilities management, imaging and legal document solutions, as well as network
design and consulting, and e-business development. IOS Capital, LLC, a
wholly-owned subsidiary of IKON, provides lease financing to customers and is
one of the largest captive finance companies in North America. With Fiscal 2001
revenues of $5.3 billion, IKON has approximately 600 locations worldwide
including the United States, Canada, Mexico, the United Kingdom, France,
Germany, Ireland and Denmark.

This news release includes information which 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 Company's short-term and long-term financing needs, business strategies,
and expected margin expansion and cash flow. 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, including,
but not limited to: risks and uncertainties relating to conducting operations in
a competitive environment and a changing industry; delays, difficulties,
management transitions and employment issues associated with consolidation of,
and/or changes in business operations; managing the integration of existing and
acquired companies; risks and uncertainties associated with existing or future
vendor relationships; and general economic conditions. Certain additional risks
and uncertainties are set forth in IKON's 2001 Annual Report on Form 10-K/A
filed with the Securities and Exchange Commission. As a consequence of these and
other risks and uncertainties, IKON's current plans, anticipated actions and
future financial condition and results may differ materially from those
expressed in any forward-looking statements.


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