Published on 6/17/2020 in the Prospect News High Yield Daily.
New Issue: Iron Mountain prices upsized $2.4 billion notes in three tranches
By Paul A. Harris
Portland, Ore., June 17 – Iron Mountain Inc. priced an upsized $2.4 billion of senior notes (Ba3/BB-) in three tranches on Wednesday, according to market sources.
Bookrunners were J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co. LLC, BofA Securities Inc., Citizens Capital Markets Inc., Credit Agricole CIB, HSBC Securities (USA) Inc., PNC Capital Markets LLC and Wells Fargo Securities LLC.
The deal included $500 million of eight-year notes, which priced at par to yield 5%; $1.3 billion of 10-year notes, which priced at par to yield 5¼%; and $600 million 12-year notes, which priced at par to yield 5 5/8%.
The overall amount of issuance increased from $1.8 billion.
The Boston-based enterprise information management services company plans to repay debt under its revolving credit facility and to redeem notes maturing in 2021 and 2024.
| Issuer: | Iron Mountain Inc.
|
| Amount: | $2.4 billion, increased from $1.8 billion
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co. LLC, BofA Securities Inc., Citizens Capital Markets Inc., Credit Agricole CIB, HSBC Securities (USA) Inc., PNC Capital Markets LLC and Wells Fargo Securities LLC
|
| Trade date: | June 17
|
| Settlement date: | June 22
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
|
|
| Eight-year notes
|
| Amount: | $500 million
|
| Maturity: | July 15, 2028
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 466 bps
|
| Call protection: | Three years
|
| Price talk: | 5¼% area
|
|
|
| 10-year notes
|
| Amount: | $1.3 billion
|
| Maturity: | July 15, 2030
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 451 bps
|
| Call protection: | Five years
|
| Price talk: | 5½% area
|
|
|
| 12-year notes
|
| Amount: | $600 million
|
| Maturity: | July 15, 2032
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
|
|
|
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