Iron Mountain Inc.'s Proposed $500 Million Senior Secured Term Loan B Rated 'BB' (Recovery Rating: '2')

NEW YORK (S&P Global Ratings) March 12, 2017--S&P Global Ratings today assigned its 'BB' issue-level rating and '2' recovery rating to Iron Mountain Inc.'s proposed $500 million senior secured term loan B due 2026. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 75%) of principal in the event of a payment default. The company's subsidiary, Iron Mountain Australia Group Pty. Ltd., is also issuing an incremental 100 million Australian dollars (A$) term loan to its existing A$250 million term loan due in 2022. The 'BB' issue-level rating and '2' recovery rating on the Australian dollars term loan are unchanged. Iron Mountain will use the net proceeds from both the U.S. and the Australian dollar term

...NEW YORK (S&P Global Ratings) March 12, 2017--S&P Global Ratings today assigned its '##' issue-level rating and '2' recovery rating to Iron Mountain Inc.'s proposed $500 million senior secured term loan B due 2026. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 75%) of principal in the event of a payment default. The company's subsidiary, Iron Mountain Australia Group Pty. Ltd., is also issuing an incremental 100 million Australian dollars (A$) term loan to its existing A$250 million term loan due in 2022. The '##' issue-level rating and '2' recovery rating on the Australian dollars term loan are unchanged. Iron Mountain will use the net proceeds from both the U.S. and the Australian dollar term loans to repay its revolving credit facility borrowings. Our corporate credit rating and stable rating outlook on Iron Mountain are unchanged. The rating reflects the company's position as the global market leader in the records management...

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