Iron Mountain Incorporated, the storage and information management services company, announced that it has closed the amendment and restatement of its existing revolving credit facility of $1.75 billion and its existing $250 million term loan A  with a syndicate of 24 banks.  Additionally, an accordion feature allows the company to request an increase in the aggregate amount available under the credit facility or term loan by up to $500 million, for a total of $2.5 billion of availability, subject to certain conditions and additional lender commitments.

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are joint lead arrangers for the credit facility.

Borrowings under the revolving credit facility are available for general corporate purposes.  Funds may be drawn in U.S. dollars, Canadian dollars, British pounds sterling, and Euros, among other currencies. The new credit facility is scheduled to mature in August 2022. Pricing under the credit facility was reduced by 25 basis points with applicable margins now at 25-200 basis points (the range varies based on certain financial ratios and loan types). Underlying rates are based upon the company's choice of loan types and currency options.

"We are pleased with the continued support and commitments from our credit facility lenders," said Stuart Brown, Iron Mountain CFO. "The improved covenants reflect current market conditions and the inherent durability of our business model, which is characterized by highly predictable cash flow. In particular, these improved covenants decrease our lease-adjusted leverage ratio, recognizing the change in value of the real estate portfolio, thereby providing enhanced flexibility."