New Issue: Iron Mountain prices upsized $750 million 10.5-year notes at par to yield 5%

By Paul A. Harris

Portland, Ore., Dec. 13 – Iron Mountain Information Management Services, Inc. priced an upsized $750 million issue of 10.5-year senior notes (Ba3/BB-) at par to yield 5% in a Monday drive-by, according to market sources.

The issue size increased from $500 million.

The yield printed in the middle of yield talk in the 5% area and tight to initial guidance in the low 5% area.

The deal played to $4 billion of orders, a significant fraction of which came with yield limits set at 5%, prompting the issuer to back away from a contemplated effort to price the notes at the tight end of yield talk, which would have been 4 7/8%, a market source said.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Joint bookrunners were Barclays and J.P. Morgan Securities LLC.

The Boston-based information management services company plans to use the proceeds for general corporate purposes, including acquisitions and refinancing near-term debt.

Issuer:	Iron Mountain Information Management Services, Inc.
Amount:	$750 million, increased from $500 million
Issue:	Senior notes
Maturity:	July 15, 2032
Left bookrunner:	Morgan Stanley & Co. LLC (bill and deliver)
Joint bookrunners:	Barclays and J.P. Morgan Securities LLC
Co-managers:	Citizens Capital Markets Inc., Credit Agricole CIB, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG, PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities Inc. and Wells Fargo Securities LLC
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	357 bps
First call:	July 15, 2027 at 102.5
Trade date:	Dec. 13
Settlement date:	Dec. 28
Ratings:	Moody's: Ba3
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	5% area
Marketing:	Drive-by

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