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JPMorgan Chase Agents $547MM Increase to Iron Mountain’s Credit Agreement

March 22, 2022, 07:47 AM
Filed Under: Specialty Industries

Iron Mountain completed, effective March 18, 2022, its amended and restated credit agreement with JPMorgan Chase Bank, as administrative agent, and JPMorgan Chase Bank, Toronto Branch, as Canadian administrative agent.

Key updates to the credit agreement include:

  • Increases total revolving credit facility size to $2,250 million from $1,750 million;
  • Increases term loan A to $250 million from $203 million;
  • Extends the maturity date of the revolving credit facility and term loan A to March 2027 from June 2023;
  • Increases maximum net total lease adjusted leverage ratio by 0.5x to 7.0x.

"We appreciate the strong support of our lenders and are pleased with the favorable terms of the transaction, which demonstrates the confidence our capital providers have in Iron Mountain’s track record and outlook for delivering sustainable, long-term value," said Barry Hytinen, Chief Financial Officer and Executive Vice President at Iron Mountain. "This increase to our credit agreement enhances our financial flexibility as we invest in opportunities to deliver for our loyal customers. We remain committed to continuing to build on our recent success as we expand our broad portfolio of offerings, invest in innovation and deliver higher levels of growth."

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