Iron Mountain restates $2 billion credit facility, cuts pricing 25 bps

By Wendy Van Sickle

Columbus, Ohio, Aug. 21 – Iron Mountain Inc. closed the amendment and restatement of its existing $1.75 billion revolving credit facility and $250 million term loan A, according to a press release.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch were the joint lead arrangers for the credit facility.

There is an accordion feature allowing up to $500 million of term loan or revolving commitments.

Funds may be drawn in U.S. dollars, Canadian dollars, pounds sterling and euros, among other currencies.

The new credit facility is scheduled to mature in August 2022.

Pricing was reduced by 25 basis points with the top pricing level now Libor plus 200 bps.

“The improved covenants reflect current market conditions and the inherent durability of our business model, which is characterized by highly predictable cash flow,” Stuart Brown, chief financial officer of Iron Mountain, said in the release.

“In particular, these improved covenants decrease our lease-adjusted leverage ratio, recognizing the change in value of the real estate portfolio, thereby providing enhanced flexibility.”

Iron Mountain is a Boston-based information management services provider.

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