S&P rates Iron Mountain notes BB-

S&P said it assigned a BB- ratings and 3 recovery ratings to Iron Mountain Inc.'s proposed $1.8 billion senior unsecured notes with maturities between 2028 and 2030. The 3 recovery rating on the senior unsecured notes reflects expectations of meaningful (50%-70%; rounded estimate: 50%) recovery in a default scenario.

The company intends to use the proceeds to redeem its $1 billion of senior subordinated notes due 2024, $500 million senior unsecured notes due 2021 and repay a portion of revolving credit facility borrowings.

“All of our existing ratings on Iron Mountain are unchanged,” S&P said in a press release.

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