| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for Iron Mountain Inc. > News item |
Iron Mountain tenders for $137.5 million of 8 3/8% notes due 2021
By Susanna Moon
Chicago, Aug. 8 - Iron Mountain Inc. said it began a cash tender offer for up to $137.5 million of its outstanding $550 million 8 3/8% senior subordinated notes due 2021.
The total purchase price will be $1,097.50 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Aug. 21, the early tender date. The total payment includes an early tender premium of $30 per $1,000 of notes.
Those who tender after the early deadline will receive $1,067.50 per $1,000 of notes.
The tender offer will end at midnight ET on Sept. 5.
Tendered notes may be withdrawn by the early tender date.
If the company receives tenders for more than the offer cap, the notes will be purchased on a prorated basis, according to a press release.
Holders also will receive accrued interest to but excluding the settlement date.
Iron Mountain said it may but is not obligated to increase the maximum repurchase amount.
The offer is conditioned on completion of financing.
In a separate press release, the company said it plans to price a $450 million public offering of U.S. dollar-denominated senior notes due 2023 and C$300 million of subsidiary Iron Mountain Canada Operations ULC's Canadian dollar senior notes due 2023.
Proceeds from the sale will be used to fund the tender offer, to redeem all of the company's 8% senior subordinated notes due 2018 and 8% senior subordinated notes due 2020 and to redeem the Canadian issuer's outstanding 7½% senior subordinated notes due 2017. Remaining proceeds will be used to repay debt under the company's revolving credit facility and for general corporate purposes.
Wells Fargo Securities, LLC (866 309-6316 or collect 704 410-4760) is the dealer manager. D.F. King & Co., Inc. (800 431-9633 or collect 212 269-5550) is the information agent and tender agent.
Iron Mountain is based in Boston and provides information management services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.