Iron Mountain to price $800 million five-year notes on Thursday

By Paul A. Harris

Portland, Ore., Sept. 24 – Iron Mountain Inc. plans to price an $800 million offering of five-year senior notes (expected ratings Ba3/B+) on Thursday trailing a late-morning conference call with investors, according to a market source.

Early guidance has the yield coming at 5¾% to 6%, the source added.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Wells Fargo Securities LLC, Credit Agricole CIB, HSBC Bank, Morgan Stanley & Co. LLC, PNC Capital Markets and RBC Capital Markets are the joint bookrunners for the Rule 144A and Regulation S for life offering.

Stifel, Scotia Capital, TD Securities, MUFG and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes come with two years of call protection.

The Boston-based provider of information storage and management services plans to use the proceeds, along with a draw on its revolver, to redeem its outstanding 6¾% euro senior subordinated notes due 2018, 7¾% senior subordinated notes due 2019 and 8 3/8% senior subordinated notes due 2021.

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