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Iron Mountain obtains US$700M loan facility

Specialty real estate investment trust Iron Mountain Inc. secured a US$700 million term loan B facility to repay borrowings under its revolving credit facility.

The facility carries an interest rate of 1.75% in addition to the London Inter-bank Offered Rate and will mature in January 2026.

Additionally, Iron Mountain Australia Group Pty. Ltd. secured an agreement to boost its term loan B facility by A$100 million to an aggregate of A$341 million. The facility originally provided for A$250.0 million, with about A$241 million outstanding.

The loan bears an interest rate of 3.875% on top of the Bank Bill Swap Bid Rate, and is set to mature in September 2022. Funds are expected to be transferred on or about March 29, and will be used to repay outstanding amounts under Iron Mountain's revolver and for general corporate purposes.

JPMorgan Chase Bank NA and Barclays Bank PLC are acting as joint lead arrangers and active book runners for the US$700 million term loan, while Barclays Bank PLC, Credit Agricole Securities (USA) Inc., and HSBC Bank Australia Ltd. are joint lead arrangers for the A$100.0 million loan.

As of March 26, US$1 was equivalent to A$1.30.