Iron Mountain to price $200 million 12-year notes following Wednesday investor call

By Paul A. Harris

St. Louis, July 11 - Iron Mountain Inc. plans to place a $200 million public offering of 12-year senior subordinated notes (expected ratings Caa1/B) following a Wednesday morning investor call, according to a market source.

Bear Stearns, JP Morgan and Lehman Brothers are joint bookrunners.

The notes will be callable with a make-whole call at Treasuries plus 75 basis points for the first five years, after which they will become callable at a premium. They will also contain a three-year equity clawback.

Proceeds will be used to fund the tender for the company's $150 million of outstanding 8¼% senior subordinated notes due 2011 as well as to repay other debt, including its revolver, and for general corporate purposes, including possible future acquisitions and investments.

Iron Mountain is a Boston-based information protection and storage solutions provider.

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