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Iron Mountain Inc., the Boston document storage company undergoing a change in business strategy, has announced a $300 million notes offering. The company said in a news release that it plans to use net proceeds of the notes sale to cover costs associated with paying back shareholders, in addition to future acquisitions and investments.
The $300 million proposed public offering is for Senior Subordinated Notes due 2019. Joint book-running managers for the offering include J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., HSBC Securities (USA) Inc., RBS Securities Inc. and Scotia Capital (USA) Inc.
Iron Mountain (NYSE: IRM) announced in June that it was reselling “certain data backup and archiving solutions” that it had sold one month earlier to U.K. firm Autonomy Corp. plc for $380 million.
In April, Iron Mountain confirmed reports it was shutting down its enterprise-level cloud storage offering by the first half of 2013, and that it had stopped taking new customers at the beginning of April. That same month, then CEO Bob Brennan resigned as CEO, president and director of the firm, and chairman Richard Reese, who had been CEO from 1981 to 2008, immediately stepped back into that role.
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