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Get filing alertsIron Mountain raises $1.5B via 6.250% senior notes due 2035 to refinance credit facility
Filed June 26, 2026 · Period ending June 26, 2026 · ~1 min read
Key Changes
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high
Issued $1.5B of 6.250% senior notes maturing January 2035 in private placement, receiving net proceeds of $1.48B after fees
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Proceeds will repay revolving credit facility borrowings and fund general corporate purposes, representing debt refinancing rather than new leverage
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Notes pay 6.250% interest semi-annually starting January 2027, rank equally with other senior unsecured debt but subordinate to secured obligations
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
low
Company may redeem notes before July 2029 at make-whole premium, or at specified prices thereafter without premium
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Iron Mountain completed a $1.5 billion private placement of senior notes due 2035, carrying a 6.250% coupon with semi-annual interest payments. The notes were sold at par, generating net proceeds of approximately $1.48 billion after underwriting discounts and expenses. This represents a significant debt issuance for the data center and storage REIT.
The company intends to use the proceeds primarily to pay down its existing revolving credit facility, indicating this is a refinancing transaction rather than incremental leverage. By replacing short-term revolving debt with fixed-rate bonds maturing in 2035, Iron Mountain is extending its debt maturity profile and locking in financing costs at current rates.
The 6.250% coupon reflects prevailing market conditions for investment-grade corporate debt. For shareholders, this is a routine capital structure management action that reduces near-term refinancing risk while maintaining the company's overall leverage position.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Company intends to use the net proceeds from the offering of the Notes to repay all or a portion of the outstanding borrowings under the Company’s revolving credit facility and to pay related fees and expenses, with any remaining proceeds to be used for general corporate purposes.
The company plans to use the proceeds primarily to pay down its revolving credit facility, which represents a refinancing of existing debt rather than new leverage. This suggests the company is managing its debt maturity profile and potentially securing longer-term financing at fixed rates.
Added in current filing · verify on EDGAR →
The Company will pay 6.250% interest per annum on the principal amount of the Notes, payable semi-annually on January 15 and July 15 of each year. Interest on the Notes will accrue from June 26, 2026, and the first interest payment date for the Notes will be January 15, 2027. The Notes will mature on January 15, 2035, unless they are earlier redeemed or repurchased in accordance with the terms set forth in the Indenture.
The notes carry a 6.250% coupon with semi-annual interest payments and mature in approximately 8.5 years. The notes are unsecured senior obligations guaranteed by the company's major U.S. subsidiaries, ranking equally with other senior debt but subordinate to secured debt.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Prior to July 15, 2029, the Company may, at its option, redeem all or a portion of the Notes at the applicable make-whole price set forth in the Indenture. Prior to July 15, 2029, the Company may, at its option, redeem up to 40% in aggregate principal amount of the Notes with an amount not greater than the net proceeds of certain equity offerings at the redemption price set forth in the Indenture so long as at least 50% of the aggregate principal amount of the Notes (originally issued) remains outstanding immediately afterwards. The Company has the option to redeem all or a portion of the Notes at any time on or after July 15, 2029 at the redemption prices set forth in the Indenture.
Iron Mountain has flexibility to redeem the notes early under certain conditions. Before July 2029, redemption requires a make-whole premium, though up to 40% can be redeemed using equity offering proceeds. After July 2029, the company can redeem at specified prices without the make-whole premium.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 30, 2026 · How we verify