Iron Mountain Incorporated Announces Debt Offering and Amends Senior Secured
Revolving Credit Facility
BOSTON -- August 8, 2013
Iron Mountain Incorporated (NYSE: IRM), the storage and information management
company, today announced a proposed public offering of $450 million in
aggregate principal amount of its USD Senior Notes due 2023 (the “U.S. Notes”)
and C$300 million in aggregate principal amount of its subsidiary’s (Iron
Mountain Canada Operations ULC, or the “Canadian Issuer”) CAD Senior Notes due
2023 (the “Canadian Notes”).
The company and the Canadian Issuer intend to use the net proceeds from the
offering for the redemption of all of the company’s 8% USD Senior Subordinated
Notes due 2018 and 8% USD Senior Subordinated Notes due 2020, for the
redemption of the Canadian Issuer’s outstanding 7-1/2% CAD Senior Subordinated
Notes due 2017, and to fund the purchase of up to $137.5 million in aggregate
principal amount of the company’s 8-3/8% USD Senior Subordinated Notes due
2021 pursuant to a tender offer. The company intends to use the remaining net
proceeds to repay existing indebtedness under its revolving credit facility
and for general corporate purposes. The exact terms and timing of the offering
will depend upon market conditions and other factors.
Wells Fargo Securities, BofA Merrill Lynch, J.P. Morgan, Credit Agricole CIB,
HSBC, Morgan Stanley and RBS Securities Inc. are the joint bookrunners for the
U.S. Notes. Scotiabank, BofA Merrill Lynch, J.P. Morgan, Barclay’s and TD
Securities are the joint bookrunners for the Canadian Notes.
Iron Mountain is making the offering under an effective shelf registration
statement. This offering will be made solely by means of a preliminary
prospectus supplement and related base prospectus, copies of which may be
obtained on the SEC Web site at www.sec.gov. Alternatively, the underwriters
will arrange to send you the preliminary prospectus supplement and related
base prospectus if you request them by contacting Wells Fargo Securities, LLC
at 550 South, Tryon Street, 7^th Floor MAC D1086-070, Charlotte, NC 28202,
Attn: Client Support, via telephone, at (800) 326-5897, or via email at
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. This announcement does not constitute
a notice of redemption of the Senior Subordinated Notes referred to above or a
solicitation of tenders of the 8-3/8% USD Senior Subordinated Notes due 2021.
Amendment to Senior Secured Revolving Credit Facility
Also today, the company announced it has amended its senior secured revolving
credit facility, upsizing it from $1.225 billion to $1.5 billion with a
syndicate of 21 banks. Additionally, an accordion feature allows the company
to request an increase in the aggregate amount available to be borrowed under
the credit facility by $500 million, for a total of $2.0 billion of
availability, subject to certain conditions and additional lender commitments.
Funds may be drawn in U.S. dollars, Canadian dollars, British pounds sterling,
Euros and Brazilian Reals, among other currencies. The credit facility is
scheduled to mature on June 27, 2016. Pricing under the credit facility did
not change as a result of this amendment and is based upon the company’s
choice of interest rate and currency options, plus an applicable margin, which
varies based on certain financial ratios.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities
LLC are lead arrangers for the credit facility.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage and
information management solutions. The company’s real estate network of over 64
million square feet across more than 1,000 facilities in 35 countries allows
it to serve customers around the world. And its solutions for records
management, data backup and recovery, document management and secure shredding
help organizations to lower storage costs, comply with regulations, recover
from disaster, and better use their information for business advantage.
Founded in 1951, Iron Mountain stores and protects billions of information
assets, including business documents, backup tapes, electronic files and
medical data. Visitwww.ironmountain.com for more information.
Investor Relations contacts:
Iron Mountain Incorporated
Melissa Marsden, 617-535-8595
Senior Vice President, Investor Relations
Stephen P. Golden, 617-535-4766
Vice President, Investor Relations
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