...June 17, 2020 NEW YORK (S&P Global Ratings) June 17, 2020--S&P Global Ratings today assigned its '##-' issue-level ratings and '3' recovery rating to Iron Mountain Inc.'s proposed $1.8 billion senior unsecured notes with maturities between 2028 and 2030. The '3' recovery rating on the senior unsecured notes reflects our expectations of meaningful (50%-70%; rounded estimate: 50%) recovery in our simulated default scenario. The company intends to use the proceeds from the proposed notes to redeem its $1.0 billion senior subordinated notes due 2024, $500 million senior unsecured notes due 2021, and repay a portion of outstanding revolving credit facility borrowings. All of our existing ratings on Iron Mountain are unchanged. Our '##-' issuer credit rating on the company reflects its position as the global market leader in the records management business as well as its high leverage, acquisitive growth strategy, above-average capital intensity for a business services company, and shareholder-favoring...
