New Issue: Iron Mountain upsizes to $1 billion, prices 10-year notes at par to yield 4 7/8%

By Paul A. Harris

Portland, Ore., Sept. 6 – Iron Mountain Inc. priced an upsized $1 billion issue of 10-year senior notes (Ba3/BB-) at par to yield 4 7/8% on Wednesday, according to market sources.

The issue size was increased from $750 million.

The yield printed at the tight end of yield talk in the 5% area and tighter than the 5% to 5¼% initial guidance.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citizens Bank, Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC were the joint bookrunners.

The Boston-based data storage and information management services company plans to use the proceeds to fund the redemption of all of its outstanding $1 billion 6% senior notes due 2020.

Issuer:	Iron Mountain Inc.
Amount:	$1 billion, increased from $750 million
Maturity:	Sept. 15, 2027
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citizens Bank, Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	277 bps
First call:	Make-whole call at Treasuries plus 50 bps until Sept. 15, 2022, then callable at 102.438
Equity clawback:	40% at 104.875 until Sept. 15, 2020
Trade date:	Sept. 6
Settlement date:	Sept. 18
Ratings:	Moody's: Ba3
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	5% area
Marketing:	Quick to market

© 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.