Iron Mountain enters into $1.75 billion facility with revolver, term A

By Wendy Van Sickle

Columbus, Ohio, July 6 – Iron Mountain Inc. entered into a $1.5 billion revolving credit facility and a $250 million tranche A term loan on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

The credit agreement also includes a feature under which borrowings may be increased to up to $2.25 billion in certain circumstances. It matures in July 2019.

Interest is initially at Libor plus 150 basis points and ranges from Libor plus 150 bps to Libor plus 225 bps, depending on leverage ratio.

There is a commitment fee of 25 bps to 40 bps, depending on leverage ratio.

JPMorgan Chase Bank, NA is administrative agent, and JPMorgan Chase Bank, NA Toronto Branch is the Canadian administrative agent in the deal.

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner and Smith are the lead arrangers and joint bookrunners.

PNC Bank, NA, TD Bank, NA, SunTrust Bank and Bank of Tokyo-Mitsubishi UFJ, Ltd. are the co-documentation agents.

Bank of America, NA, Barclays Bank plc, Citizens Bank, NA, Credit Agricole CIB, Goldman Sachs Bank USA, HSBC Bank USA, NA, Morgan Stanly Senior Funding Inc., Royal Bank of Canada, Bank of Nova Scotia and Wells Fargo Bank, NA are the co-syndication agents.

On Monday, the company borrowed the full amount of the term loan and $846 million under the revolver to repay outstanding balances under its prior credit agreement.

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

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