Iron Mountain plans to price $450 million and C$300 million 10-year notes Thursday

By Aleesia Forni

Virginia Beach, Va., Aug. 8 - Iron Mountain Inc. is planning to price $450 million senior notes (Ba3/BB-) and C$300 million senior unsecured notes (Ba3/BB-) on Thursday, according to a syndicate source and a filing with the Securities and Exchange Commission.

Both tranches will be due 2023 and non-callable for five years.

Proceeds will be used to redeem Iron Mountain Canada Operations ULC's outstanding Canadian dollar-denominated 7½% senior subordinated notes due 2017 and the Iron Mountain's 8% dollar-denominated senior subordinated notes due 2018 and 8% dollar senior subordinated notes due 2020.

The company will also use proceeds to fund the purchase of up to $137.5 million of the 8 3/8% notes under a tender offer.

Remaining proceeds will be used to repay debt under the company's revolving credit facility and for general corporate purposes.

Wells Fargo Securities LLC is the left bookrunner, while BofA Merrill Lynch, J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc., HSBC Securities, Morgan Stanley & Co. LLC and RBS Securities Inc. are the joint bookrunners for the dollar tranche.

Evercore, Barclays and PNC Capital Markets LLC are the co-managers.

For the Canadian dollar notes, Scotiabank is the left bookrunner, and BofA Merrill Lynch, JPMorgan, Barclays and TD Securities are the joint bookrunners.

Evercore, Morgan Stanley, PNC Capital Markets LLC, RBS Securities and Wells Fargo are the co-managers.

An investor call was scheduled for 11 a.m. ET Thursday.

Iron Mountain is a Boston-based provider of information management services.

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