Summary by Moomoo AI
On July 2, 2024, Iron Mountain amended its Credit Agreement, reducing the interest rate on its Term B Loans due 2031. The company extended the maturity date and converted a portion of existing Term B Loans due 2026 into a new class of loans fungible with the 2031 Term B Loans. Additionally, Iron Mountain incurred incremental term loans fungible with the existing 2031 Term B Loans.The amended and upsized 2031 Term B Loans now bear interest at SOFR plus 2.00% or the base rate plus 1.00%, at the company's option. After the amendment, Iron Mountain had $1,806,671,273.42 in outstanding borrowings of Amended and Upsized 2031 Term B Loans and $53,373,636.48 in Existing Term B Loans under the Credit Agreement.The amendment aims to optimize Iron Mountain's debt structure and potentially reduce interest expenses. Other material provisions of the Credit Agreement remain unchanged, maintaining the company's existing financial flexibility.
