Iron Mountain announced it has closed the refinancing of its existing revolving credit facility of $1.5 billion and its existing $250 million term loan with a syndicate of 25 banks.
Iron Mountain said J.P. Morgan Securities and Merrill Lynch are joint lead arrangers for the credit facility.
Additionally, an accordion feature allows the company to request an increase in the aggregate amount available to be borrowed under the refinanced revolving credit facility or term loan by up to $500 million, for a total of $2.25 billion of availability, subject to certain conditions and additional lender commitments.
Proceeds are expected to be used to repay amounts outstanding under the company’s existing revolving credit facility and term loan and for general corporate purposes. The credit facility is scheduled to mature in July 2019 with a one-year extension option solely at the company’s discretion.
Pricing under the credit facility was reduced; the applicable margins are now at 100-200 basis points (which varies based on certain financial ratios and loan types) and underlying rates are based upon the company’s choice of loan types and currency options.
Boston, MA-based Iron Mountain is a provider of storage and information management services.