Iron Mountain offers $800 million of 10-year senior notes

By Cristal Cody

Tupelo, Miss., Sept. 4 – Iron Mountain Inc. (Ba3/BB-) plans to price $800 million of guaranteed fixed-rate senior notes due 2029, according to a market source and a news release on Wednesday.

The Rule 144A and Regulation S private placement offering is being marketed via global investor calls over the morning.

Barclays, Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, PNC Capital Markets LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and Citizens Capital Markets Inc. are the bookrunners.

Co-managers are MUFG, HSBC Securities, Scotia Capital (USA) Inc., TD Securities (USA) LLC, SunTrust Robinson Humphrey, Inc. and RBC Capital Markets, LLC.

The notes are expected to be non-callable for five years and will have a change-of-control put at 101%.

The issue will be guaranteed by the company’s subsidiaries that guarantee each series of its existing notes.

Final terms and timing of the deal will depend on market conditions and other factors. Settlement is expected on Sept. 9.

Proceeds will be used to repay outstanding borrowings under the company’s revolving credit facility.

Iron Mountain is a Boston-based information management services company.

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