Published on 8/10/2020 in the Prospect News High Yield Daily.
New Issue: Iron Mountain prices upsized $1.1 billion 10.5-year notes at par to yield 4½%
By Paul A. Harris
Portland, Ore., Aug. 10 – Iron Mountain Inc. priced an upsized $1.1 billion issue of 10.5-year senior notes (Ba3/BB-) at par to yield 4½% in a Monday drive-by, according to market sources.
The issue size increased from $850 million.
The yield printed at the tight end of yield talk in the 4 5/8% area. Initial guidance was in the 4¾% area.
Joint bookrunner Barclays will bill and deliver. Additional joint bookrunners were Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Securities Inc., Credit Agricole CIB, Morgan Stanley & Co. LLC, MUFG and Wells Fargo Securities LLC.
The Boston-based enterprise information management services company plans to use the proceeds to redeem all C$250 million of its 5 3/8% senior notes due 2023, €300 million of its 3% senior notes due 2025 and all $250 million of its 5 3/8% senior notes due 2026, with the balance, if any, to be used for general corporate purposes.
| Issuer: | Iron Mountain Inc.
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| Amount: | $1.1 billion, increased from $850 million
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| Maturity: | Feb. 15, 2031
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| Securities: | Senior notes
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| Bookrunners: | Barclays (bill and deliver), Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Securities Inc., Credit Agricole CIB, Morgan Stanley & Co. LLC, MUFG and Wells Fargo Securities LLC
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| Co-managers: | Citizens Capital Markets Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Truist Securities Inc.
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| Coupon: | 4½%
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| Price: | Par
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| Yield: | 4½%
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| Spread: | 394 bps
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| First call: | Feb. 15, 2026 at 102.25
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| Trade date: | Aug. 10
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| Settlement date: | Aug. 18
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| Ratings: | Moody's: Ba3
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 4 5/8% area
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| Marketing: | Drive-by
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