New Issue: Iron Mountain prices $150 million 13-year notes to yield 6 5/8%

By Paul A. Harris

St. Louis, June 17 - Iron Mountain Inc. priced an offering of $150 million senior subordinated notes due Jan. 1, 2016 (B2/B) at par Tuesday to yield 6 5/8%, according to the company.

Price talk was 6½%-6¾%.

Bear Stearns & Co. was the bookrunner for the off-the-shelf offering. JP Morgan and Lehman Brothers were co-managers.

Proceeds will be used to redeem all or part of Iron Mountain Canada Corp. 8 1/8% senior notes due 2008 and for general corporate purposes including debt repayment, future acquisitions and investments.

The issuer is a Boston-headquartered outsourced records and information management services company.

Issuer:	Iron Mountain Inc.
Amount:	$150 million
Maturity:	Jan. 1, 2016
Security description:	Senior subordinated notes
Bookrunner:	Bear Stearns
Co-managers:	JP Morgan, Lehman Brothers
Coupon:	6 5/8%
Price:	Par
Yield:	6 5/8%
Spread:	337.5 basis points
Call features:	Callable on July 1, 2008 at 103.313, then at 102.208, 101.104 declining to par in 2011
Equity clawback:	Until July 1, 2006 for 35% at 106.625
Settlement date:	June 20, 2003
Ratings:	Moody's: B2
	Standard & Poor's: B
Price talk:	6½%-6¾%

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