NEW YORK (S&P Global Ratings) Aug. 10, 2020--S&P Global Ratings today assigned its 'BB-' issue-level rating and '3' recovery rating to Iron Mountain Inc.'s (IRM) proposed $850 million senior unsecured notes due in 2031. The '3' recovery rating reflects our expectations of meaningful (50%-70%; rounded estimate: 50%) recovery in our simulated default scenario. The company intends to use the proceeds to redeem its 5.375% senior Canadian dollar notes due in 2023, 3% senior euro notes due in 2025, 5.375% senior notes due in 2025, and $500 million senior unsecured notes due in 2021, and repay a portion of outstanding revolving credit facility borrowings. The refinancing removes the last series of notes with more restrictive 6.5x leverage incurrence of indebtedness covenant.
