By Paul A. Harris
St. Louis, June 2 - Iron Mountain Inc. priced a $300 million issue of 12-year senior subordinated notes (B2/B+/) at par to yield 8% on Monday, according to market sources.
The yield was printed on the wide end of the 7¾% to 8% price talk.
J.P. Morgan Securities Inc., Barclays Capital, Lehman Brothers and RBS Greenwich Capital ran the books for the quick-to-market Securities and Exchange Commission-registered deal.
Proceeds will be used to repay the company's revolving credit facility, to redeem all of its outstanding 8¼% senior subordinated notes due 2011, to possibly repay, repurchase or retire other debt, and for general corporate purposes, including possible future acquisitions and investments.
Boston-based Iron Mountain provides information protection and storage services.
| Issuer: | Iron Mountain Inc.
|
| Amount: | $300 million
|
| Maturity: | June 15, 2020
|
| Securities: | Senior subordinated notes
|
| Bookrunners: | J.P. Morgan Securities Inc., Barclays Capital, Lehman Brothers, RBS Greenwich Capital
|
| Co-managers: | Banc of America Securities LLC, William Blair & Co., Morgan Stanley, Wells Fargo Securities
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 403 bps
|
| Call protection: | Five years
|
| Trade date: | June 2
|
| Settlement date: | June 5
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | SEC registered
|
| Price talk: | 7¾% to 8%
|
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