Iron Mountain to price $250 million add-on to 7¾% notes due 2015 Wednesday

By Paul A. Harris

St. Louis, April 8 - Iron Mountain Inc. is set to price a $250 million add-on to its 7¾% senior subordinated notes due Jan. 15, 2015 on Wednesday afternoon, according to a market source.

Bear Stearns & Co. will be the bookrunner for the off-the-shelf deal, according to company spokesman Stephen P. Golden.

The deal will be marketed via an investor conference call rather than a roadshow, Golden added.

"We're adding on to our 7¾% bonds, and we expect to price them at a more favorable interest rate," Golden commented. He declined to cite specific price talk when he spoke to Prospect News early Tuesday evening.

Proceeds will be used to fund a tender for the company's 8¾% senior subordinated notes due 2009, or to otherwise redeem those notes, as well as for general corporate purposes, including the possible repayment of its revolver and other debt, and possible future acquisitions.

The original offering of $100 million of the notes (B2/B) priced at par last Dec. 16 via Bear Stearns.

Iron Mountain is an information management services company headquartered in Boston.

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