Iron Mountain plans $750 million notes offering

PORTSMOUTH, N.H. - Iron Mountain Incorporated (NYSE: NYSE:IRM), known for its information management services, has announced its intention to issue $750 million of Senior Notes due in 2033 through a private placement. These notes will be guaranteed by the company's subsidiaries that are also responsible for its existing notes. Iron Mountain aims to allocate the net proceeds from this offering to reduce the outstanding debt under its revolving credit facility. According to InvestingPro data, the company currently maintains $16.1 billion in total debt, with a current ratio of 0.75 indicating that short-term obligations exceed liquid assets. The final details regarding the notes, including the terms and the timing of the offering, will hinge on prevailing market conditions and other influencing factors.

The offering of the notes will not be made under the Securities Act of 1933 or any state securities laws and will not be available for sale within the United States without registration or an exemption from the registration requirements. The sale of the notes is targeted at qualified institutional buyers and non-U.S. persons in accordance with the applicable regulations.

Iron Mountain is a trusted partner for over 240,000 customers across 60 countries, including the majority of the Fortune 1000 companies. With a market capitalization of $35.7 billion and impressive year-over-year revenue growth of 12.2%, the company has demonstrated strong market performance, currently trading near its 52-week high of $130.24. The company offers a wide array of services that include information management, digital transformation, information security, data center, and asset lifecycle management solutions. Safety, security, sustainability, and innovation are the cornerstones of their service offerings. For investors seeking income, the company maintains a dividend yield of 2.35%.InvestingPro subscribers have access to 14 additional key insights about Iron Mountain, including detailed analysis of its financial health, valuation metrics, and growth prospects. The comprehensive Pro Research Report available on InvestingPro provides deep-dive analysis and expert insights for smarter investment decisions.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and there will be no sale of the securities in any jurisdiction where such offer, solicitation, or sale would be illegal before registration or qualification under the securities laws of that jurisdiction.

The information in this article is based on a press release statement from Iron Mountain Incorporated.

In other recent news, Iron Mountain Incorporated reported a strong third quarter in 2024. The company announced record quarterly revenues of $1.6 billion, marking a 12% increase from the previous year, and a 14% rise in Adjusted EBITDA to $568 million. This growth was fueled by expansion in physical storage, digital solutions, and asset life cycle management (ALM). Iron Mountain also declared a quarterly dividend of $0.715 per share and projected Q4 revenue of approximately $1.6 billion and adjusted EBITDA of about $595 million.

The company's data center segment showed robust growth with a 20% organic increase and 106 megawatts of new leases year-to-date. ALM revenue surged 145% year-on-year to $102 million. Iron Mountain secured significant contracts in ALM, including a seven-year contract with a large Australian government department and deals with an Australian telecommunications provider and a global technology company in the U.S.

Acquisitions of Wisetek and APCD aim to expand IT asset disposition capabilities, further enhancing Iron Mountain's service offerings. The company also launched the InSight Digital Experience (DXP) platform, securing 24 new recurring revenue deals. These recent developments indicate Iron Mountain's commitment to growth and its optimism for a strong fourth quarter and the setup heading into 2025.

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