...CHICAGO (S&P Global Ratings) May 24, 2016--S&P Global Ratings assigned its '##-' issue-level rating and '3' recovery rating to Iron Mountain Inc.'s (Iron Mountain's) proposed $500 million senior unsecured notes due 2021 and Iron Mountain US Holdings Inc.'s proposed $250 million senior unsecured notes due 2026. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; lower half of the range) of principal in the event of a payment default. Iron Mountain will use the proceeds to repay the bridge loan it used to fund its acquisition of Recall Holdings Ltd. The issue-level rating is at the same level as our corporate credit rating on Iron Mountain. Pro forma for the debt offering, Iron Mountain's adjusted leverage remains virtually unchanged in the mid-5x area as of March 31, 2016. We expect leverage to decrease to the low-5x area by the end of 2017 and to below 5x by year-end 2018 as the company realizes the synergies from the Recall acquisition over the next few...
