Iron Mountain Incorporated Upsizes and Prices Debt Offering

Rhea-AI Summary

Iron Mountain Incorporated (NYSE: IRM) has announced an upsized offering of $2.4 billion in Senior Notes, increasing from a previously planned $1.8 billion. This includes $500 million in 5.000% Notes due 2028, $1.3 billion in 5.250% Notes due 2030, and $600 million in 5.625% Notes due 2032. The proceeds will be used to repay existing borrowings and redeem $2.1 billion of senior notes due in 2021, 2023, and 2024. The offering is only available to qualified institutional buyers and will not be registered under the Securities Act.

Positive

• Upsized offering of Senior Notes increased to $2.4 billion from $1.8 billion.
• Proceeds intended for debt repayment, improving financial position.

Negative

• Existing debt remains significant with upcoming maturities of $2.1 billion.
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BOSTON, June 17, 2020 /PRNewswire/ -- Iron Mountain Incorporated (NYSE: IRM) (the "Company"), the storage and information management services company, today announced that it has priced an upsized offering by way of a private placement of a total of $500 million aggregate principal amount of its 5.000% Senior Notes due 2028 (the "2028 Notes"), $1,300 million aggregate principal amount of its 5.250% Senior Notes due 2030 (the "2030 Notes") and $600 million aggregate principal amount of its 5.625% Senior Notes due 2032 (the "2032 Notes" and, together with the 2028 Notes and the 2030 Notes, the "Notes").  This represents an increase of $600 million in the combined aggregate principal amount of the Notes, to $2,400 million, from the previously announced amount of $1,800 million. The Notes will be fully and unconditionally guaranteed by the Company's subsidiaries that guarantee each series of its existing notes.  The Company intends to use the net proceeds from the offering of the Notes to repay a portion of the outstanding borrowings under the Company's revolving credit facility and to redeem all $500 million of its 4⅜% Senior Notes due 2021, all $600 million of its 6% Senior Notes due 2023 and all $1 billion of its 5¾% Senior Subordinated Notes due 2024.

The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under any state securities law, and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.  The Notes are being offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Iron Mountain
Iron Mountain Incorporated (NYSE:  IRM), founded in 1951, is the global leader for storage and information management services.  Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across more than 1,480 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts.  Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.  

Investor Relations Contacts:
Greer Aviv	Nathan McCurren
Senior Vice President, Investor Relations	Director, Investor Relations
Greer.Aviv@ironmountain.com	Nathan.McCurren@ironmountain.com
(617) 535-2887	(617) 535-2997

 

View original content:http://www.prnewswire.com/news-releases/iron-mountain-incorporated-upsizes-and-prices-debt-offering-301079142.html

SOURCE Iron Mountain Incorporated

FAQ

What is the amount of Iron Mountain's recent debt offering?

Iron Mountain's recent debt offering amounts to $2.4 billion.

What are the interest rates on Iron Mountain's new Senior Notes?

The new Senior Notes have interest rates of 5.000%, 5.250%, and 5.625%.

When do the new Senior Notes from Iron Mountain mature?

The Senior Notes mature in 2028, 2030, and 2032.

What will Iron Mountain do with the proceeds from the debt offering?

The proceeds will be used to repay outstanding borrowings and redeem existing senior notes.

Who is eligible to purchase Iron Mountain's new Notes?

The Notes are offered only to qualified institutional buyers under Rule 144A.