S&P rates Iron Mountain loan BB-

Standard & Poor's said it assigned its BB- ratings to Iron Mountain Inc.'s proposed $550 million credit facility.

The facility consists of a $350 million revolving credit facility due 2009 and a $200 million term loan B due 2011. Net proceeds will be used to refinance existing debt.

All existing ratings, including the BB- corporate credit rating, were affirmed.

S&P said the rating reflects the company's relatively high debt leverage, limited debt capacity for another major acquisition, and somewhat aggressive financial policies regarding its growth strategies.

These factors are only partially offset by Iron Mountain's leading position as the world's largest records management company and its reasonably stable growth from existing customers and new customer accounts.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.