Iron Mountain downgraded at RW Baird As previously reported, Baird downgraded Iron Mountain to Neutral from Outperform. The firm expects the REIT conversion will require significant capital commitments due to the high dividend, which will leave little capital for larger growth investments. Additionally, the analyst believe equity dilution risk is not fully appreciated. Price target lowered to $39 from $40.
Iron Mountain announces debt offering Iron Mountain Incorporated announced a proposed private offering of $800M in aggregate principal amount of its Senior Notes due 2020. The Notes will be senior unsecured obligations of the company and will be guaranteed by certain of its subsidiaries. The company intends to use the net proceeds from the offering and borrowings under its revolving credit facility for the redemption of all of its outstanding 6.75% Euro Senior Subordinated Notes due 2018, 7.75% Senior Subordinated Notes due 2019 and 8.375% Senior Subordinated Notes due 2021. The exact terms and timing of the offering will depend upon market conditions and other factors.