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JPMorgan Chase Bank Agents Refi for Iron Mountain

June 05, 2018, 07:05 AM
Filed Under: Specialty Industries

Iron Mountain Incorporated, the storage and information management services company, announced that it has closed on the amendment and refinancing of its existing senior secured $1,750 million revolving credit and $250 million term loan A facilities under its credit agreement with certain lenders, JPMorgan Chase Bank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian administrative agent.

The refinancing extends the maturity date for the revolving credit and term loan A facilities to June 2023 from August 2022.  The refinancing also reduces the interest rate margins applicable to existing and future borrowings under the facilities by 25 basis points.  After the refinancing, interest rate margins for the facilities will range between 25 to 175 basis points, depending upon the company's leverage ratio and its choice of loan types and currency options.

Borrowings under the revolving credit facility continue to be available for general corporate purposes.  Funds may be drawn in U.S. dollars, Canadian dollars, British pounds sterling, and Euros, among other currencies.  The maturity, amortization and interest rate terms of the company's existing $700.0 million term loan B facility under the credit agreement were unaffected by the amendment and refinancing.

JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are joint lead arrangers and active bookrunners for this transaction.

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