Iron Mountain in-market with $150 million term loan D

By Sara Rosenberg

New York, Oct. 29 - Iron Mountain Inc. is in-market with a proposed $150 million 61/2-year term loan D (BB-), according to a market source.

JPMorgan is the sole lead bank on the deal.

The term loan D, which launched Thursday primarily to existing lenders, is priced with an interest rate of Libor plus 175 basis points, the source said.

Iron Mountain is obtaining the term loan because of its pending acquisition of Connected Corp. for about $117 million, a company spokesman explained to Prospect News Friday.

The acquisition is expected to close before the term loan, so the company will initially use borrowings under its existing revolving credit facility to fund the transaction. However, once the term loan closes, the company plans to repay the revolver borrowings and use any remaining proceeds to pay down some additional bank debt, the spokesman said.

Closing on the term loan D is targeted for the week of Nov. 8.

Iron Mountain is a Boston provider of outsourced records and information management services. Connected is a Framingham, Mass., provider of storage software for automated protection, archiving and recovery of distributed data.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.