Iron Mountain draws under credit facility, to repay revolver debt

By Tali Rackner

Norfolk, Va., Sept. 30 – Iron Mountain Inc. drew $250 million under its credit facility in the form of an incremental term loan, according to an 8-K filing with the Securities and Exchange Commission.

The company is still able to request an increase in the maximum amount available to be borrowed under the credit agreement up to a maximum of $2 billion.

Iron Mountain used a portion of the proceeds for amounts outstanding under its revolving credit facility, and expects to use the remainder of the proceeds to fund a portion of its distributions to be made in connection with the its conversion to a real estate investment trust and for general corporate purposes.

The company must repay 0.25% of the initial principal amount of the incremental term loan at the end of each quarter from Dec. 31 through March 31, 2016, with a full payment of the remaining amount due at the stated maturity date of June 27, 2016.

Iron Mountain is based in Boston and provides information management services.

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