Wednesday, August 5, 2009

Iron Mountain files $450M shelf registration

By Mass High Tech staff

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Iron Mountain Inc., the Boston-based document storage giant, intends to raise $450 million through a public offering of subordinated notes, the company announced today.

Proceeds from the senior subordinated notes offering, to be due in 2021, will be used for repayment of debt, future acquisitions and investments and general corporate purposes. The U.S. Securities and Exchange Commission approved the offering under a shelf registration statement. The debt offering is being managed by Barclays Capital Inc., Banc of America Securities LLC, J.P. Morgan Securities Inc. and Scotia Capital (USA) Inc.

Iron Mountain (NYSE: IRM), founded in 1951, employs more than 20,000 workers. In 2008, the company announced plans for a $300 million financing deal, saying the proceeds will be used to repay outstanding debts. Iron Mountain said the funds raised could also be used for possible future acquisitions and investments.