Iron Mountain refinanced its existing senior secured $1.75 billion revolving credit and $250 million term loan A facilities. JPMorgan Chase acted as administrative agent for the transaction, with its Toronto branch acting as the Canadian administrative agent.

The refinancing extended the maturity date for both facilities to June 2023 from August 2022. The refinancing also reduced the interest rate margins applicable to existing and future borrowings under the facilities by 25 basis points. The interest rate margins will subsequently range between 25 to 175 basis points, depending upon the company’s leverage ratio and its choice of loan types and currency options.

Borrowings under the revolver will continue to be available for general corporate purposes. Funds may be drawn in U.S. dollars, Canadian dollars, British pounds sterling or Euros, among other currencies. The maturity, amortization and interest rate terms of the company’s existing $700 million term loan B facility under the credit agreement were unaffected by the amendment and refinancing.

As of June 4, 2018, the company had approximately $988 million and $250 million of outstanding borrowings under the revolving credit facility and the term loan A facility, respectively.

Merrill Lynch and JPMorgan Chase were joint lead arrangers and bookrunners on the amendment.

Founded in 1951, Iron Mountain provides storage and information management services for more than 225,000 organizations around the world.