New Issue: Iron Mountain upsizes notes add-on to $300 million, prices at 104 to yield 7.066%

By Paul A. Harris

St. Louis, April 9 - Iron Mountain Inc. upsized to $300 million from $250 million its add-on to its 7¾% senior subordinated notes due Jan. 15, 2015 (B2/B) and priced it Wednesday at 104 to yield 7.066%.

Price talk was 103.75-104.

Bear Stearns & Co. was the bookrunner. Goldman Sachs & Co., JP Morgan and Lehman Brothers were joint leads. Co-managers were Banc One Capital Markets, William Blair & Co. LLC, BNY Capital Markets, Fleet Securities, Scotia Capital and Wachovia Securities, Inc.

Proceeds from the off-the-shelf deal will be used to fund the Boston-based information management firm's tender for existing notes and for general corporate purposes including possible acquisitions.

Issuer:	Iron Mountain Inc.
Amount:	$300 million (increased from $250 million)
Security description:	Add-on to 7¾% senior subordinated notes due Jan. 15, 2015
Manager:	Bear Stearns (books), Goldman Sachs, JP Morgan, Lehman Brothers (joint leads)
Co-managers:	Banc One Capital Markets, William Blair & Co., LLC, BNY Capital Markets, Fleet Securities, Scotia Capital, Wachovia Securities
Maturity:	Jan. 15, 2015
Coupon:	7¾%
Price:	104
Yield:	7.066%
Call features:	Callable on Jan. 15, 2008 at 103.875, then at 102.583, 101.292, declining to par on Jan. 15, 2011 and thereafter
Equity clawback:	Until Jan. 15, 2006 for up to 35% at 107.75
Settlement date:	April 22, 2003 (T+8) with accrued interest
Distribution:	Off-the-shelf
Ratings:	Moody's: B2
	Standard & Poor's: B
Cusip:	462846AB2
Price talk:	103.75-104

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