Iron Mountain driving by with $500 million 10.5-year senior notes; initial talk low 5% area

By Paul A. Harris

Portland, Ore., Dec. 13 – Iron Mountain Information Management Services, Inc. plans to price a $500 million offering of 10.5-year senior notes (expected ratings Ba3/BB-) in a Monday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the low 5% area, a trader said.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Barclays and J.P. Morgan Securities LLC are the joint bookrunners.

Citizens Capital Markets Inc., Credit Agricole CIB, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG, PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities Inc. and Wells Fargo Securities LLC are the co-managers.

The Rule 144A and Regulation S for life notes come with 5.5 years of call protection.

The Boston-based information management services company plans to use the proceeds for general corporate purposes, including acquisitions and refinancing near-term debt.

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