Iron Mountain, a storage and information management services company, closed on a $700 million syndicated term loan B facility, which matures in January 2026 and bears interest at LIBOR + 1.75%. The proceeds will be used to repay amounts outstanding under Iron Mountain’s existing revolving credit facility.
JPMorgan and Barclays Bank are joint lead arrangers and active bookrunners for this term loan. According to a related 8-K filing, JPMorgan is also administrative agent.
In addition, Iron Mountain Australia Group, a wholly owned subsidiary of Iron Mountain, entered into an agreement to upsize its existing A$250 million ($191 million) syndicated term loan B facility, with approximately A$241 million ($182 million) outstanding, by an additional A$100 million ($77 million) to an aggregate of A$341 million ($262 million).
Funding is expected to occur on or about March 29, 2018. The A$ term loan facility will mature in September 2022 and will bear reduced interest at BBSY + 3.875%. The proceeds are expected to be used to repay amounts outstanding under Iron Mountain’s existing revolving credit facility and for general corporate purposes. Barclays Bank, Credit Agricole Securities (USA) and HSBC Bank Australia were joint lead arrangers for this term loan.
