...December 3, 2024 PRINCETON (S&P Global Ratings) Dec. 3, 2024--S&P Global Ratings today assigned its '##-' issue-level rating and '3' recovery rating to Iron Mountain Inc.'s (IRM) proposed $750 million senior unsecured notes due 2033. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. We view the transaction as leverage neutral and believe it will increase the company's available liquidity. IRM intends to use the proceeds from the notes to repay a portion of its outstanding revolver balance. The company's S&P Global Ratings-adjusted net leverage was elevated at 6.6x for the 12 months ended Sept. 30, 2024, due to its increased growth capital expenditure (capex) and restructuring costs. However, pro forma for the expected EBITDA from its pre-leased data centers, IRM's leverage was about 6.2x, which is in line with our expectations. The company's elevated growth capex supports our forecast for a double-digit...
