An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Iron Mountain Completes Amended and Restated Credit Agreement
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Iron Mountain (NYSE: IRM) announced an amendment to its credit agreement on March 18, 2022, boosting its revolving credit facility from $1,750 million to $2,250 million and term loan A from $203 million to $250 million. The maturity date has been extended to March 2027. CFO Barry Hytinen emphasized how the favorable terms reflect lender confidence in Iron Mountain's growth strategy and financial flexibility aimed at customer service and innovation.
Positive
Increased total revolving credit facility size to $2,250 million from $1,750 million.
Enhanced financial flexibility for investments and growth initiatives.
Negative
None.
Secures $547 Million Increase to Credit Agreement and a New 5-Year Maturity
BOSTON--(BUSINESS WIRE)--
Iron Mountain (NYSE: IRM), a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services, has completed, effective March 18, 2022, its amended and restated credit agreement with certain lenders; JPMorgan Chase Bank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian administrative agent.
“We appreciate the strong support of our lenders and are pleased with the favorable terms of the transaction, which demonstrates the confidence our capital providers have in Iron Mountain’s track record and outlook for delivering sustainable, long-term value,” said Barry Hytinen, Chief Financial Officer and Executive Vice President at Iron Mountain. “This increase to our credit agreement enhances our financial flexibility as we invest in opportunities to deliver for our loyal customers. We remain committed to continuing to build on our recent success as we expand our broad portfolio of offerings, invest in innovation and deliver higher levels of growth.”
Key updates to the credit agreement include:
Increases total revolving credit facility size to $2,250 million from $1,750 million;
Increases term loan A to $250 million from $203 million;
Extends the maturity date of the revolving credit facility and term loan A to March 2027 from June 2023;
Increases maximum net total lease adjusted leverage ratio by 0.5x to 7.0x.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a global leader in innovative storage, asset lifecycle management and information management services. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of services including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.
To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn.
Forward Looking Statements
We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, and plans and current expectations.
These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes," "expects," "anticipates," "estimates," "plans," "intends" or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) the severity and duration of the COVID-19 pandemic and its effects on the global economy, including its effects on us, the markets we serve and our customers and the third parties with whom we do business within those markets; (ii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (iii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iv) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, incorporate new digital information technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and grow our business through joint ventures; (v) changes in the amount of our capital expenditures; (vi) our ability to raise debt or equity capital and changes in the cost of our debt; (vii) the cost and our ability to comply with, laws, regulations and customer demands, including those relating to data security and privacy issues, as well as fire and safety and environmental standards; (viii) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information or our internal records or information technology systems and the impact of such incidents on our reputation and ability to compete; (ix) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (x) changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate, particularly as we consolidate operations and move records and data across borders; (xi) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiii) the cost or potential liabilities associated with real estate necessary for our business; (xiv) failures in our adoption of new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this report.
What is the significance of Iron Mountain's credit agreement amendment announced on March 18, 2022?
The credit agreement amendment increases Iron Mountain's revolving credit facility and term loan, enhancing financial flexibility for future investments.
How much has Iron Mountain increased its credit facility by?
Iron Mountain increased its revolving credit facility by $500 million, raising it from $1,750 million to $2,250 million.
What is the new maturity date for Iron Mountain's credit agreement?
The maturity date for Iron Mountain's revolving credit facility and term loan A has been extended to March 2027.
Who are the lenders involved in Iron Mountain's amended credit agreement?
JPMorgan Chase Bank, N.A. served as the administrative agent for the lenders in Iron Mountain's amended credit agreement.
What is Iron Mountain's maximum net total lease adjusted leverage ratio after the amendment?
The maximum net total lease adjusted leverage ratio has increased by 0.5x to 7.0x.
