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by Stephen Carter
Sep 05, 2025 10:11 AM ET
Iron Mountain Inc (IRM) EUR1.2bn (up from EUR1.1bn and EUR750m) 144A/Reg S sr notes due 01/15/34 (8.25y). NC3 (09/10/28) (MWC B+50bp), then at 102.375 09/10/28, 101.188 09/10/29, 100 09/10/30. Equity claw: 3y 40% at 104.75. Ba3/BB- (stable/stable). Via UBS (B&D)/Barc/BNP jt active books/JPM/MS/BofA/Citizens/CA/GS/M&T/Mizuho/MUFG/PNC/SMBC/TSI/WFS jt books, CapOne, Huntington, Synovus, TD as co-mangers. No reg rights. List Dublin. NY law. CoC at 101. Pays Jan 15 and July 15, starting 01/15/26 (30/360). Denoms: 100kx1k. Settles 09/10 (T+3). Reg S ISIN: XS3176120361. IPT: 5% area. EUR350m upsize for GCP, including paying down its revolver. Price talk: 4.75% area. EUR100m upsize for GCP, including paying down its revolver. Final terms: EUR1.2bn at 4.75%.
Priced: 4.75% at 100. +218bp vs DBR 2.20% 02/15/34.
Roadshow (virtual) 09/04 (investor call at 11am UKT), also held a series of EMEA fixed income investor meetings 09/02-03. Books closed at 11am UKT 09/05. Reconfirms were due by 12:30pm UKT 09/05. UOP: redeem its GBP400m 3.875% sr notes due 11/15/25 (callable at 100), and GCP, including paying down the $1.087bn drawn on its revolver (EUR100m and EUR350m upsizes for GCP, including paying down its revolver). Biz: record and data storage and information management services. HQ: Portsmouth, NH.
Netroadshow link: https://www.netroadshow.com/nrs/home/#!/?show=84920026. Entry code: IRM2025.