Iron Mountain announced that it has priced an upsized offering of $1.5 billion aggregate principal amount of 6.250% Senior Notes due 2035, increasing the size of the offering by $500 million from the previously announced $1.0 billion.
The notes will initially be fully and unconditionally guaranteed by the company’s subsidiaries that are obligors under each series of its existing notes. Iron Mountain said the proceeds from the offering will primarily be used to repay all or a portion of the amounts outstanding under its revolving credit facility and to cover related fees and expenses. Any remaining proceeds will be used for general corporate purposes.
The notes are being offered to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act of 1933. The securities will not be registered under the Securities Act or any state securities laws and therefore may not be offered or sold in the United States without registration or an applicable exemption.
Headquartered in Portsmouth, New Hampshire, Iron Mountain provides information management services and serves more than 240,000 customers across 61 countries. The company said approximately 95% of Fortune 1000 companies rely on its services, which span information management, digital transformation, information security, data centers, and asset lifecycle management.
The upsized debt offering reflects continued access to the capital markets as Iron Mountain seeks to optimize its balance sheet and maintain financial flexibility. The company indicated that the transaction will support debt management initiatives while providing additional resources for broader corporate purposes.
Iron Mountain has expanded beyond its traditional records management business in recent years, increasing its focus on digital infrastructure and data center services as enterprises continue to modernize their information management strategies.
