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The Notes will be pari passu with all existing and future senior indebtedness of the company.
Founder and Editor, The Tech Capital
December 15, 2021 | 6:30 AM GMT
Iron Mountain Information Management Services, Inc., a wholly-owned subsidiary of Iron Mountain Incorporated (NYSE: IRM) has priced an upsized offering by way of a private placement of US$750 million aggregate principal amount of its 5.000% Senior Notes due 2032.
This represents an increase of $250 million in the combined aggregate principal amount of the Notes, from the previously announced amount of $500.0 million.
The Notes will be pari passu with all existing and future senior indebtedness of the company and will be fully and unconditionally guaranteed by the company and the company’s other subsidiaries that guarantee each series of its existing notes.
The Company intends to use the net proceeds from the offering of the Notes to fund, in part, the acquisition of ITRenew and pay related fees and expenses and for general corporate purposes including to repay a portion of the outstanding borrowings under the company’s revolving credit facility and other short term debt.
The Notes will not be registered under the Securities Act of 1933, as amended, or under any state securities law, and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
The Notes are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act.
Iron Mountain announced its intention to acquire ITRenew in mid-December 2021 after it signed a definitive agreement with the California-based mission critical data centre lifecycle management solutions provider
Under the terms of the agreement, Iron Mountain will acquire at closing 80 percent of the shares of ITRenew for approximately $725 million in cash.
The remaining 20 percent will be acquired in cash within three years from close, with a minimum payment of $200 million and the final amount subject to the performance of the business.
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