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

By Wendy Van Sickle

Columbus, Ohio, June 4 – Iron Mountain Inc. closed an amendment and refinancing of its existing $1.75 billion revolving credit facility and $250 million term loan A on Monday, according to a press release and an 8-K filing with the Securities and Exchange Commission.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch were the joint lead arrangers for the credit facility. JPMorgan Chase Bank, NA is the administrative agent, and JPMorgan Chase Bank, NA, Toronto Branch is the Canadian administrative agent.

The refinancing extends the maturity date for the revolver and term loan A to June 2023 from August 2022.

The refinancing also reduces the interest rate margins above Libor or CDOR by 25 basis points to a range of 125 bps to 175 bps, depending upon the company's leverage ratio.

The revolving commitment fee ranges from 25 bps to 35 bps, also depending on the leverage ratio.

Borrowings under the revolver continue to be available for general corporate purposes.

At closing of the amendment, about $988 million and $250 million were drawn on the revolver and term loan A, respectively.

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

The maturity, amortization and interest rate terms of the company's existing $700 million term loan B facility provided for under the credit agreement was not revised by the amendment and refinancing.

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

© 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.