Iron Mountain Inc. priced its capital market offerings to help fund its approximately $1.32 billion acquisition of IO Data Centers LLC's operations in the U.S.
For the debt offering, Iron Mountain priced a private placement of $825 million of 5.25% senior notes due 2028. The notes are unconditionally guaranteed by the company's subsidiaries that guarantee each series of its existing notes.
For the common stock offering, Iron Mountain priced an underwritten public offering of 14,500,000 shares at $37.00 per share, to gross $536.5 million. The underwriters of the offering also have a 30-day option to buy up to an additional 2,175,000 common shares.
The offerings are not conditioned upon the other transaction. If the acquisition fails to complete, the company will use proceeds from the offerings for general corporate purposes.
J.P. Morgan, BofA Merrill Lynch, Wells Fargo Securities, Barclays, Evercore ISI, Goldman Sachs and Morgan Stanley are acting as joint book-running managers for the stock offering.
