...May 10, 2023 NEW YORK (S&P Global Ratings) May 10, 2023--S&P Global Ratings today assigned its '##-' issue-level rating and '3' recovery rating to Iron Mountain Inc.'s (IRM; ##-/Stable/--) proposed $1 billion senior unsecured notes due in 2029. The '3' recovery rating reflects our expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in our simulated default scenario. We view the transaction as roughly neutral for leverage and cash flow neutral, and it improves the company's available liquidity as IRM intends to use the proceeds to repay a portion of its outstanding revolver balance. We expect the new notes will bear an interest rate in line with the rate it is currently paying on revolver borrowings. Following the transaction, total liquidity will improve to about $1.94 billion. IRM's operating performance in the first quarter of 2023 was in line with expectations as strong growth in its record management and data center businesses were partially offset by sluggish performance...
