Summary by Moomoo AI
On November 7, 2024, Iron Mountain amended its Credit Agreement, extending maturities and enhancing liquidity. The amendment pushes out maturity dates for the 2022 Revolving Facility and 2022 Term A Loans to March 18, 2030, over three years later than previous. It also removes the credit spread adjustment while maintaining interest spreads, and increases the 2022 Revolving Facility by $500 million to $2.75 billion.The interest rates for 2022 Term A Loans and 2022 Revolving Loans remain tied to Term SOFR or base rate, plus an applicable margin based on the company's leverage ratio. Amortization payments for 2022 Term A Loans are set at 1.25% of the principal amount quarterly. After the amendment, Iron Mountain had $218.75 million in outstanding 2022 Term A Loans, $1.197 billion in 2022 Revolving Loans, and $1.55 billion available in 2022 Revolving Commitments.This amendment significantly enhances Iron Mountain's financial flexibility by extending debt maturities and increasing available credit. It demonstrates the company's strong banking relationships and ability to optimize its capital structure in a challenging economic environment.
