S&P assigns BB- to Iron Mountain notes

S&P said it assigned BB- issue-level with 3 recovery ratings to Iron Mountain Inc.'s planned $1 billion senior unsecured notes due in 2029. The 3 recovery rating reflects meaningful (50%-70%; rounded estimate: 50%) recovery in a default simulation.

The rating is consistent with S&P’s ratings on Iron Mountain and its unsecured debt.

The proceeds will be used to repay a portion of its revolver balance.

In a press release, S&P said it considers the note sale to be roughly leverage neutral and cash flow neutral. “Following the transaction, total liquidity will improve to about $1.94 billion.”

The outlook is stable.

© 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.