New Issue: Iron Mountain Nova Scotia prices restructured C$175 million 10-year notes to yield 7½%

By Paul A. Harris

St. Louis, March 9 - Iron Mountain Nova Scotia Funding Co., a wholly owned subsidiary of Boston-based data storage company Iron Mountain Inc., priced a restructured C$175 million issue of 10-year senior subordinated notes (B3/B) at par to yield 7½% on Friday, according to market sources.

The yield came at the wide end of the 7 3/8% area price talk.

The tenor of the notes was decreased by two years, to March 15, 2017 from a planned 2019 maturity.

Bear Stearns, Banc of America Securities LLC, JP Morgan, Lehman Brothers and Scotia Capital were joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

Proceeds will be used to repay the company's existing term loan.

Issuer:	Iron Mountain Nova Scotia Funding Co.
Amount:	C$175 million
Maturity:	March 15, 2017 (maturity decreased from 2019)
Security description:	Senior subordinated notes
Bookrunners:	Bear Stearns, Banc of America Securities LLC, JP Morgan, Lehman Brothers, Scotia Capital
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	346 bps
Call features:	Callable on March 15, 2012 at 103.75, 102.50, 101.25, par on and after March 15, 2015
Equity clawback:	Until March 15, 2010 for 35% at 107.50
Pricing date:	March 9
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7 3/8% area

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