New Issue: Iron Mountain upsizes add-on to 6 5/8% notes due 2016 to $170 million, yield 7.06%

By Paul A. Harris

St. Louis, Dec. 4 - Iron Mountain Inc. priced an upsized $170 million add-on to its 6 5/8% senior subordinated notes due Jan. 1, 2016 (B2/B) at 96.50 on Thursday, resulting in a 7.06% yield to worst.

The deal was increased from $160 million. Price talk was 96.50 to 97.

Bear Stearns & Co. ran the books. JP Morgan and Lehman Brothers were joint lead managers. The co-managers were Banc One Capital Markets, William Blair & Co., BNY Capital Markets, CIBC World Markets, Fleet Securities, Scotia Capital and Wachovia Securities.

Iron Mountain will use proceeds to fund the repurchase or redemption of its 8 1/8% senior notes due 2008 and for general corporate purposes including repayment of debt and possible future acquisitions and investments.

The issuer is a Boston-based outsourced records and information management services provider.

Issuer:	Iron Mountain Inc.
Amount:	$170 million (upsized from $160 million)
Security description:	Add-on to 6 5/8% senior subordinated notes due 2016
Bookrunner:	Bear, Stearns & Co.
Joint lead managers:	JP Morgan, Lehman Brothers
Co-managers:	Banc One Capital Markets, William Blair & Co., BNY Capital Markets, CIBC World Markets, Fleet Securities, Scotia Capital, Wachovia Securities
Maturity:	Jan. 1, 2016
Coupon:	6 5/8%
Price:	96.50
Yield to worst:	7.06%
Spread:	240 basis points
Call:	July 1, 2008 at 103.313, 102.208, 101.104, declining to par in July 1, 2011
Settlement date:	Dec. 15 with accrued interest
Ratings:	Moody's: B2
	Standard & Poor's: B
Price talk:	96.50-97

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