Published on 1/11/2007 in the Prospect News High Yield Daily.
New Issue: Iron Mountain upsized €225 million add-on to 6¾% notes due 2018 prices at 98.99 to yield 6 7/8%
By Paul A. Harris
St. Louis, Jan. 11 - Iron Mountain Inc. priced an upsized €225 million add-on to its 6¾% senior subordinated notes due Oct. 15, 2018 (B3/B) at 98.99 on Thursday, resulting in a yield of 6 7/8%, according to terms published by the company.
Bear Stearns & Co. ran the books for the off-the-shelf issue, which was upsized from €175 million.
The sale generated €222.728 million of gross proceeds, which will be used to repay bank debt and other debt, and for general corporate purposes.
Iron Mountain is a Boston-based information storage and protection services provider.
The original €30 million issue of 6¾% notes due 2018 was sold in a private placement on Oct. 17, 2006.
| Issuer: | Iron Mountain Inc.
|
| Face amount: | €225 million (increased from €175 million)
|
| Gross proceeds: | €222.728 million approximately
|
| Maturity: | Oct. 15, 2018
|
| Security description: | Add-on to the 6¾% senior subordinated notes
|
| Bookrunner: | Bear Stearns & Co.
|
| Co-managers: | Barclays Capital, HSBC, JP Morgan, The Royal Bank of Scotland, BNP Paribas, Calyon Securities, HBOS and Lloyds TSB
|
| Coupon: | 6¾%
|
| Price: | 98.99
|
| Yield: | 6 7/8%
|
| Spread: | 150 bps
|
| Call features: | Make-whole call at Bunds plus 75 bps until Oct. 15, 2011, then at 103.375, 102.25, 101.125, par on and after Oct. 15, 2014
|
| Equity clawback: | Until Oct. 15, 2009 at 106.75 provided at least €50 million of notes remain outstanding
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 19, with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Off-the-shelf
|
| Original issue: | €30 million sold in a private placement on Oct. 17, 2006
|
| Total issue size: | €255 million
|
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