Monday, June 2, 2008

Iron Mountain digging up $300M in notes offering

By Mass High Tech Staff

Iron Mountain Inc. is planning a $300-million public offering, saying the proceeds will be used to repay outstanding debts.

Boston-based Iron Mountain (NYSE: IRM) said it will sell $300 million in notes that will be due 2020. In addition to repaying outstanding indebtedness under its revolving credit facility, Iron Mountain said the funds raised could also be used for possible future acquisitions and investments.

The exact terms and timing of the offering will depend upon market conditions and other factors, according to the company.

Iron Mountain, founded in 1951, employs more than 20,000 workers.

Last month, Iron Mountain acquired DocuVault Group LLLP, the Denver-based parent company of five records management firms for an undisclosed amount. Last year, the company completed several acquisitions, including the purchase of Pennsylvania-based digital media archiving specialists Xepa Digital LLP and Accutrac Software Inc., a California-based provider of records-management software and professional services. Those deals also involved for undisclosed amounts.

For 2007, Iron Mountain reported a $153 million net income on revenue of $2.7 billion.