Iron Mountain driving by with $1 billion notes due February 2029; initial talk 7% area

By Paul A. Harris

Portland, Ore., May 10 – Iron Mountain Inc. plans to price a $1 billion offering of senior notes due Feb. 15, 2029 (Ba3/BB-) in a Wednesday drive-by trailing a conference call with investors, according to market sources.

The Rule 144A and Regulation S deal is in the market with initial price talk in the 7% area.

The 5.75-year notes come with 2.25 years of call protection.

J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Wells Fargo Securities LLC, BofA Securities Inc., Capital One Securities Inc., Citizens Capital Markets Inc., Credit Agricole CIB, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, SMBC Nikko Securities America Inc. and Truist Securities Inc. are the joint bookrunners.

The Boston-based storage, data center infrastructure, asset lifecycle management and information management services provider plans to use the proceeds to pay down its revolver.

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