New Issue: Iron Mountain $100 million off-the-shelf drive-by yields 7¾%

By Paul A. Harris

St. Louis, Dec. 16--Iron Mountain Inc. priced $100 million of senior subordinated notes due Jan. 15, 2015 (12-year maturity) (B2/B) at par Monday to yield 7¾%, according to a market source.

Price talk was for a yield of 7¾%

Bear Stearns & Co. was the bookrunner.

Proceeds from the off-the-shelf notes will be used to fund the tender for its $75.19 million 9 1/8% senior subordinated notes due 2007, repay borrowings on its revolver and for general corporate purposes.

The issuer is a Boston-based information management company.

Issuer:	Iron Mountain Inc.
Amount:	$100 million
Maturity:	Jan. 15, 2015 (12 years)
Security description:	Senior subordinated notes
Manager:	Bear Stearns (books)
Coupon:	7¾%
Price:	Par
Yield:	7¾%
Price talk:	7¾%
Spread:	362 basis points over 10-year Treasury
Call features:	Callable on Jan. 15, 2008 at 103.875, 102.583, 101.292, par on Jan. 15, 2011 and thereafter
Equity clawback:	Until Jan. 15, 2006 for up to 35% at 107.75
Distribution:	Off-the-shelf
Settlement date:	Dec. 30, 2002 (T+9)
Ratings:	Moody's: B2
	Standard & Poor's: B
Cusip:	46284AB2

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