By Paul A. Harris
Portland, Ore., Sept. 10 – Iron Mountain Europe plc, a subsidiary of Iron Mountain Inc., priced and upsized £400 million issue of eight-year senior notes (Ba1/B+/) at par to yield 6 1/8% on Wednesday, according to a market source.
The deal as upsized from £350 million.
The yield printed in the middle of the 6% to 6¼% yield talk.
Joint physical bookrunner JPMorgan will bill and deliver. Barclays was also a joint physical bookrunner.
BofA Merrill Lynch, Credit Agricole CIB and Wells Fargo Securities were joint bookrunners.
The notes come with three years of call protection.
The Boston-based provider of storage and information management services plans to use the proceeds to repay bank debt and for general corporate purposes.
| Issuer: | Iron Mountain Europe plc
|
| Amount: | £400 million, increased from £350 million
|
| Maturity: | Sept. 15, 2022
|
| Securities: | Senior notes
|
| Physical bookrunners: | JPMorgan (bill and deliver), Barclays
|
| Bookrunners: | BofA Merrill Lynch, Credit Agricole CIB, Wells Fargo Securities
|
| Co-managers: | Goldman Sachs & Co., HSBC, Morgan Stanley, PNC Capital Markets LLC, Royal Bank of Scotland
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Spread: | 388 bps
|
| First call: | Sept. 15, 2017 at 104.594
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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