Iron Mountain Inc. agreed to buy a pair of Credit Suisse data centers in London and Singapore for roughly $100 million, which it will fund with proceeds from its new at-the-market offering program.
The London data center offers 120,000 square feet and is in the Slough Trading Estate, while the Singapore data center offers 153,000 square feet and is in Serangoon. Credit Suisse will continue to occupy the facilities under a long-term lease that will be signed with the company. The facilities would add more than 14 MW of capacity to Iron Mountain's portfolio, of which 4.2 MW would be leased to Credit Suisse.
Iron Mountain expects to close the Credit Suisse deal during the first quarter of 2018. The transaction follows the recent closing of the company's FORTRUST data center acquisition.
Iron Mountain agreed to sell up to $500.0 million of its common shares in at-the-market offerings from time to time. The net proceeds will also be used to repay amounts outstanding under the company's revolving credit facility, among other general corporate purposes.
J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., Credit Agricole Securities (USA) Inc., Evercore Group LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the sales agents under the offering program.