By Paul A. Harris
St. Louis, Jan. 15 - Iron Mountain Inc. priced an upsized £150 million of 10-year senior subordinated notes (B3/B) Thursday at par to yield 7¼%, a company source said.
The issue, which matures April 15, 2014, was increased from a planned £125 million.
The deal priced in line with price guidance, the source added.
Bear Stearns & Co. ran the books on the Rule 144A/Regulation S issue.
Proceeds will be used to fund the acquisition of Mentmore plc's 49.9% equity interest in Iron Mountain Europe Ltd. for £82.5 million and for general corporate purposes, including debt repayment and possible future acquisitions.
Iron Mountain is a Boston-based provider of outsourced records and information management services.
| Issuer: | Iron Mountain Inc.
|
| Amount: | £150 million (increased from £125 million)
|
| Maturity: | April 15, 2014
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Bear Stearns & Co.
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Calls: | Callable after April 15, 2009 at 103.625, 102.417, 101.208, par on April 15, 2012 and thereafter
|
| Trade date: | Jan. 15
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
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