To Pay Off Debt, Iron Mountain Will Borrow Some More

Wade Roush6/2/08

Boston’s Iron Mountain, the physical and electronic records storage giant, said today that it plans to offer $300 million worth of “senior subordinated notes” to the public. Subordinated notes are loans that lenders agree can be paid off after all of a company’s other outstanding debts in the event of bankruptcy. Iron Mountain said it will use the revenue from the new notes, which are due in 2020, in part to pay off other notes coming due in 2011.

Wade Roush is Xconomy's chief correspondent and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.