New Issue: Iron Mountain sells $825 million 10.25-year notes at par to yield 5¼%

By Paul A. Harris

Portland, Ore., Dec. 12 – Iron Mountain Inc. priced an $825 million issue of 10.25-year senior notes (Ba3/BB-) at par to yield 5¼% on Tuesday, according to a market source.

The yield printed at the wide end of the 5% to 5¼% yield talk.

Lead left bookrunner Barclays will bill and deliver. Credit Agricole CIB, HSBC Securities and J.P. Morgan Securities LLC were the lead bookrunners. BofA Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC, MUFG and Wells Fargo Securities LLC were the passive bookrunners.

The Boston-based provider of storage and information management services plans to use the proceeds to finance its acquisition of IO Data Centers, LLC, a Phoenix-based provider of colocation and cloud services to businesses and governments.

Issuer:	Iron Mountain Inc.
Amount:	$825 million
Maturity:	10.25 years
Securities:	Senior notes
Lead left bookruner:	Barclays
Lead bookrunners:	Credit Agricole CIB, HSBC Securities, J.P. Morgan Securities LLC
Passive bookrunners:	BofA Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC, MUFG, Wells Fargo Securities LLC
Co-managers:	Citizens, PNC Capital Markets, RBC Capital Markets, Scotia, SunTrust Robinson Humphrey Inc., TD Securities
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Spread:	525 bps
First call:	Make-whole call for first five years, then callable at 102.625
Equity clawback:	40% at 105.25 until Dec. 27, 2020
Trade date:	Dec. 12
Settlement date:	Dec. 27
Ratings:	Moody's: Ba3
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	5% to 5¼%
Marketing:	Quick to market

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