Commentary & Deal Flow

Iron Mountain Inc (IRM) $1bn 144A/Reg S sr notes due 01/15/35 (8.5y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%.  (Existing Ba3)/BB- (stable/stable). Via WFS/Barc/JPM/Miz/PNC jt lead books/BofA/BNP/Citizens/CA/GS/MS/ MUFG/M&T/SMBC/TSI/UBS jt books, CapOne, Huntington, Synovus, TD as co-mangers. No reg rights. CoC at 101. Denoms: 2kx1k. Settles (T+8). Investment grade covenant package.  IPT: mid 6s.

Price talk: 6.25%-6.375%.

Did investor call at 11am 06/15. Books close at 2pm 06/15. Pricing 06/15 afternoon. UOP: pay down $988m of the $1.285bp drawn on its revolver, GCP. Biz: record and data storage and information management services. HQ: Portsmouth, NH.

Netroadshow direct link: https://www.netroadshow.com/events/login/1PeTHmohEhqgo0xiYCQIZIFTvOU7his3MB58C.