Published on 5/10/2023 in the Prospect News High Yield Daily.
New Issue: Iron Mountain prices $1 billion 7% notes due February 2029 at par
By Paul A. Harris
Portland, Ore., May 10 – Iron Mountain Inc. priced a $1 billion issue of senior notes due Feb. 15, 2029 (Ba3/BB-) at par to yield 7% in a Wednesday drive-by, according to market sources.
The yield printed at the wide end of the 6 7/8% to 7% yield talk. Initial talk was in the 7% area.
The deal was heard to play to $1.3 billion of orders, according to a trader, who had Iron Mountain’s new notes at 99 5/8 bid, par offered late Wednesday afternoon.
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. managed the sale.
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.
| Issuer: | Iron Mountain Inc.
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| Amount: | $1 billion
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| Issue: | Senior notes
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| Maturity: | Feb. 15, 2029
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| Leads: | 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.
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Spread: | 362 bps
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| First call: | Aug. 15, 2025 at 103.5
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| Trade date: | May 10
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| Settlement date: | May 15
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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
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| Price talk: | 6 7/8% to 7%
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| Marketing: | Drive-by
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