Published on 9/24/2015 in the Prospect News High Yield Daily.
New Issue: Iron Mountain sells upsized $1 billion 6% five-year notes at par
By Paul A. Harris
Portland, Ore., Sept. 24 – Iron Mountain Inc. priced an upsized $1 billion issue of five-year senior notes (Ba3/B+) at par to yield 6% on Thursday, according to a syndicate source.
The deal size was increased from $800 million.
The yield printed on top of price talk.
Early guidance had the yield coming at 5¾% to 6%, according to a trader.
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 were the joint bookrunners.
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.
| Issuer: | Iron Mountain Inc.
|
| Amount: | $1 billion, increased from $800 million
|
| Maturity: | Oct. 1, 2020
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Barclays, Wells Fargo Securities LLC, Credit Agricole CIB, HSBC Bank, Morgan Stanley & Co. LLC, PNC Capital Markets, RBC Capital Markets
|
| Co-managers: | Stifel, Nicolaus & Co. Inc., Scotia Capital, TD Securities, MUFG, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Call: | Make-whole call at Treasuries plus 50 bps until Oct. 1, 2017, then callable at a premium
|
| Trade date: | Sept. 24
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| Settlement date: | Sept. 29
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| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% area
|
| Marketing: | Quick to market
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