By Paul A. Harris
St. Louis, July 12 - Iron Mountain Inc. priced a $200 million issue of 12-year senior subordinated notes (expected ratings Caa1/B) at par to yield 8¾% on Wednesday, according to a market source.
The yield came 12.5 basis points wide of the 8½% area price talk.
Bear Stearns, JP Morgan and Lehman Brothers were joint bookrunners for the off-the-shelf issue.
Proceeds will be used to fund the tender for the company's $150 million of outstanding 8¼% senior subordinated notes due 2011, 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.
| Issuer: | Iron Mountain Inc.
|
| Amount: | $200 million
|
| Maturity: | July 15, 2018
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Bear Stearns, JP Morgan, Lehman Brothers
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Trade date: | July 12
|
| Expected ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Distribution: | SEC registered
|
| Price talk: | 8½% area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
