<PAGE>
Pricing Supplement No. 32 Filing Under
---- Rule 424(b)(2)
(To Prospectus Supplement dated June 30, 1995
including the Prospectus dated May 18, 1995)
Registration
Trade Date: 4/30/96 File No.
------------------- 33-59227
IKON Capital, Inc. (formerly known as Alco Capital Resource, Inc.)
- --------------------------------------------------------------------------------
Medium Term Notes
CUSIP: 01374QBV9
---------------------------------
Principal Amount: $25,000,000 Floating Rate Notes: N/A
---------------------- -------------------
Interest Rate (if fixed rate): 6.90% Interest Rate Basis: N/A
--------- -------------
Interest Payment Date(s): N/A -Commercial Paper Rate:
-------------- ----------
(other than June 15 and December 15) -Prime Rate:
Regular Record Date(s): N/A ---------------------
---------------- -LIBOR:
(other than May 31 and November 30) --------------------------
Stated Maturity: 5/3/00 -Treasury Rate:
----------------------- ------------------
Specified Currency: US Dollars -CD Rate:
-------------------- ------------------------
Applicable Exchange Rate (if any): N/A -Federal Funds Rate:
----- -------------
US Dollar $1.00 = N/A -Other:
------------------- --------------------------
Issue Price (as a percentage of
principal amount): 100% Index Maturity: N/A
-------- ------------------------
Selling Agent: Spread: N/A
-Lehman Brothers: X --------------------------------
---------------- Spread Multiplier: N/A
-Chase Securities, Inc.: ---------------------
--------- Maximum Interest Rate: N/A
-Goldman, Sachs & Co: -----------------
------------ Minimum Interest Rate: N/A
-Merrill Lynch & Co: -----------------
------------- Initial Interest Rate: N/A
-Other: -----------------
-------------------------- Interest Reset Date(s)
(if semi-annually or annually):
Selling Agent's Commission (%): .45%
-------- -------------------------------------
Purchasing Agent: N/A Third Wednesday of: N/A
---------------------- ----------------
Purchasing Agent's Discount or Interest Reset Date (if weekly,
Commission (%): N/A monthly, or quarterly):
--------------------- ----------
Type of Sale: Interest Determination Date(s): N/A
As Agent: X As Principal: --------
---- ---- Calculation Date(s): N/A
Net proceeds to the Company:$24,887,500 -------------------
----------- Calculation Agent: N/A
Settlement date ---------------------
(original issue date): 5/3/96 Interest Payment Date(s): N/A
--------------- --------------
Redemption Commencement (other than June 15 and December 15)
Date (if any): N/A Regular Record Date(s): N/A
----------------------- ----------------
Redemption Period: N/A (other than May 31 and November 30)
--------------------- Interest Reset Period: N/A
-----------------
Exchange Rate Agent: N/A
-------------------
Original Issue Discount Security:
Yes: No: X
---- ----
Form:
Book Entry: X Certificated
--- ---
Authorized by: /s/ Kathleen M. Burns
------------------------------------------------------
