...+ Iron Mountain is in the process of amending its credit agreement to increase its margin of compliance with its fixed-charge coverage covenant. + The company is also planning to issue $950 million of senior subordinated notes due 2024, proceeds of which it would use to redeem its 8.75% notes due 2018, to call its 6.625% notes due 2016, to repay borrowings under its revolving credit facility, and for general corporate purposes including covering costs related to its planned conversion to a Real Estate Investment Trust (REIT). + We are affirming our '##-' corporate credit rating on the company, removing all ratings from CreditWatch, and assigning a 'B+' rating to its proposed $950 million notes due 2024. + The negative outlook reflects our expectation that leverage will increase and that the company's conversion to a REIT could reduce its business and financial flexibility. NEW YORK (Standard & Poor's) Aug. 7, 2012--Standard & Poor's Ratings Services said today that it affirmed all of its...
