Structure:                      Sale-leaseback of Existing Equipment

       Assets:                         Playground Manufacturing Equipment

       Term:                            36 months

                                                     Location:                       Ft. Payne, AL and Janesville, WI

                                                     Date:                            December 2005 

Playcore is a privately-held playground equipment manufacturer that controls the largest share of the commercial play market (23%). ICON entered into a sale-leaseback for substantially all of Playcore’s manufacturing equipment, purchasing the equipment for $4 million. This transaction immediately improved Playcore’s cash flow and liquidity position by enabling it to refinance its existing mortgage which included an imminent balloon payment, and to pay down a portion of its high-rate term debt. As a result, Playcore significantly reduced its periodic interest expense and improved its cash flow in order to stimulate revenue growth. The equipment is currently operating in Playcore’s facilities.