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Debt | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt | DEBT Long-term debt is as follows:
|  | SEPTEMBER 30, 2023 |  |  | DECEMBER 31, 2022
|  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIR VALUE |  |  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIR VALUE
Revolving Credit Facility(1) |  | $ | 1,049,500 |  |  | $ | (4,976) |  |  | $ | 1,044,524 |  |  | $ | 1,049,500 |  |  |  | $ | 1,072,200 |  |  | $ | (6,790) |  |  | $ | 1,065,410 |  |  | $ | 1,072,200 |
Term Loan A(1) |  | 231,250 |  |  | — |  |  | 231,250 |  |  | 231,250 |  |  |  | 240,625 |  |  | — |  |  | 240,625 |  |  | 240,625 |
Term Loan B(1)(3) |  | 660,992 |  |  | (2,810) |  |  | 658,182 |  |  | 661,500 |  |  |  | 666,073 |  |  | (3,747) |  |  | 662,326 |  |  | 666,750 |
Virginia 3 Term Loans |  | 26,134 |  |  | (3,915) |  |  | 22,219 |  |  | 26,134 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Australian Dollar Term Loan |  | 187,853 |  |  | (491) |  |  | 187,362 |  |  | 189,349 |  |  |  | 202,641 |  |  | (633) |  |  | 202,008 |  |  | 204,623 |
UK Bilateral Revolving Credit Facility |  | 170,858 |  |  | — |  |  | 170,858 |  |  | 170,858 |  |  |  | 169,361 |  |  | — |  |  | 169,361 |  |  | 169,361 |
3 7/8% GBP Senior Notes due 2025 (the "GBP Notes") |  | 488,166 |  |  | (1,920) |  |  | 486,246 |  |  | 458,959 |  |  |  | 483,888 |  |  | (2,589) |  |  | 481,299 |  |  | 445,206 |
4 7/8% Senior Notes due 2027 (the "4 7/8% Notes due 2027")(2) |  | 1,000,000 |  |  | (5,688) |  |  | 994,312 |  |  | 913,750 |  |  |  | 1,000,000 |  |  | (6,754) |  |  | 993,246 |  |  | 917,500 |
5 1/4% Senior Notes due 2028 (the "5 1/4% Notes due 2028")(2) |  | 825,000 |  |  | (5,314) |  |  | 819,686 |  |  | 755,906 |  |  |  | 825,000 |  |  | (6,200) |  |  | 818,800 |  |  | 754,875 |
5% Senior Notes due 2028 (the "5% Notes due 2028")(2) |  | 500,000 |  |  | (3,497) |  |  | 496,503 |  |  | 451,250 |  |  |  | 500,000 |  |  | (4,039) |  |  | 495,961 |  |  | 450,000 |
7% Senior Notes due 2029 (the "7% Notes due 2029")(2) |  | 1,000,000 |  |  | (11,253) |  |  | 988,747 |  |  | 972,500 |  |  |  | — |  |  | — |  |  | — |  |  | — |
4 7/8% Senior Notes due 2029 (the "4 7/8% Notes due 2029")(2) |  | 1,000,000 |  |  | (8,679) |  |  | 991,321 |  |  | 872,500 |  |  |  | 1,000,000 |  |  | (9,764) |  |  | 990,236 |  |  | 865,000 |
5 1/4% Senior Notes due 2030 (the "5 1/4% Notes due 2030")(2) |  | 1,300,000 |  |  | (10,279) |  |  | 1,289,721 |  |  | 1,124,500 |  |  |  | 1,300,000 |  |  | (11,407) |  |  | 1,288,593 |  |  | 1,111,500 |
4 1/2% Senior Notes due 2031 (the "4 1/2% Notes")(2) |  | 1,100,000 |  |  | (9,228) |  |  | 1,090,772 |  |  | 902,000 |  |  |  | 1,100,000 |  |  | (10,161) |  |  | 1,089,839 |  |  | 891,000 |
5% Senior Notes due 2032 (the "5% Notes due 2032") |  | 750,000 |  |  | (11,532) |  |  | 738,468 |  |  | 615,000 |  |  |  | 750,000 |  |  | (12,511) |  |  | 737,489 |  |  | 622,500 |
5 5/8% Senior Notes due 2032 (the "5 5/8% Notes")(2) |  | 600,000 |  |  | (5,130) |  |  | 594,870 |  |  | 513,000 |  |  |  | 600,000 |  |  | (5,566) |  |  | 594,434 |  |  | 520,500 |
Real Estate Mortgages, Financing Lease Liabilities and Other |  | 502,787 |  |  | (443) |  |  | 502,344 |  |  | 502,787 |  |  |  | 425,777 |  |  | (578) |  |  | 425,199 |  |  | 425,777 |
Accounts Receivable Securitization Program |  | 349,200 |  |  | (372) |  |  | 348,828 |  |  | 349,200 |  |  |  | 314,700 |  |  | (531) |  |  | 314,169 |  |  | 314,700 |
Total Long-term Debt |  | 11,741,740 |  |  | (85,527) |  |  | 11,656,213 |  |  |  |  |  | 10,650,265 |  |  | (81,270) |  |  | 10,568,995 |  |  |
Less Current Portion |  | (107,984) |  |  | — |  |  | (107,984) |  |  |  |  |  | (87,546) |  |  | — |  |  | (87,546) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 11,633,756 |  |  | $ | (85,527) |  |  | $ | 11,548,229 |  |  |  |  |  | $ | 10,562,719 |  |  | $ | (81,270) |  |  | $ | 10,481,449 |  |  |
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A (the “Term Loan A”) and a term loan B (the "Term Loan B"). The Revolving Credit Facility and the Term Loan A are scheduled to mature on March 18, 2027. The Term Loan B is scheduled to mature on January 2, 2026. The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2023 was $1,196,037 (which amount represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 7.2% and 6.2% as of September 30, 2023 and December 31, 2022, respectively. (2)Collectively, the "Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI’s United States subsidiaries that represent the substantial majority of our United States operations (the "Note Guarantors"). These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes. (3)Due to the discontinuance of the LIBOR reference rate on June 30, 2023, we transitioned the Term Loan B from an interest rate of LIBOR plus 1.75% to a synthetic LIBOR rate plus 1.75%, effective July 1, 2023. All other terms remain the same as what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. See Note 7 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding our long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments, which are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of September 30, 2023.)
VIRGINIA 3 CREDIT AGREEMENT On August 31, 2023, Iron Mountain Data Centers Virginia 3, LLC, a wholly owned subsidiary of IMI, entered into a credit agreement (the "Virginia 3 Credit Agreement") in order to partially fund the construction of a data center facility in Virginia. The Virginia 3 Credit Agreement consists of a term loan and a letter of credit facility. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $275,000 (the "Virginia 3 Term Loans"). The Virginia 3 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.75%. The Virginia 3 Term Loans bear interest at SOFR plus 2.50%. The Virginia 3 Credit Agreement is scheduled to mature on August 31, 2026, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date beyond August 31, 2026, subject to the conditions specified in the Virginia 3 Credit Agreement. As of September 30, 2023, we have $26,134 in outstanding borrowings in Virginia 3 Term Loans. |  |  | MAXIMUM AMOUNT $275,000 OUTSTANDING BORROWING $26,134 INTEREST RATE 7.8% As of September 30, 2023
MAY 2023 OFFERING On May 15, 2023, IMI completed a private offering of:
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT | MATURITY DATE | INTEREST PAYMENT DUE | PAR CALL DATE(1)
7% Notes due 2029 | $ | 1,000,000 |  | February 15, 2029 | February 15 and August 15 | August 15, 2025
(1)We may redeem the 7% Notes due 2029 at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the 7% Notes due 2029 at the redemption price or make-whole premium specified in the indenture governing the 7% Notes due 2029, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the 7% Notes due 2029 at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date. The 7% Notes due 2029 were issued at 100% of par. The total net proceeds of approximately $990,000 from the issuance of the 7% Notes due 2029, after deducting the initial purchasers' commissions, were used to repay a portion of the outstanding borrowings under our Revolving Credit Facility.
UK BILATERAL REVOLVING CREDIT FACILITY |  |  | MAXIMUM AMOUNT £140,000 OPTIONAL ADDITIONAL COMMITMENTS £125,000 INTEREST RATE 7.2% As of September 30, 2023
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") have a British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility") with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Revolving Credit Facility is 140,000 British pounds sterling, which was fully drawn as of September 30, 2023. We have the option to request additional commitments of up to 125,000 British pounds sterling, subject to conditions specified in the UK Bilateral Revolving Credit Facility. On September 19, 2023, the UK Borrowers amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2024 to September 24, 2025. All other material terms of the UK Bilateral Revolving Credit Facility remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. |  |
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM On June 8, 2023, we amended the Accounts Receivable Securitization Program (as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report) to increase the maximum borrowing capacity from $325,000 to $360,000. All other material terms of the Accounts Receivable Securitization Program remain the same as what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. |  |  | MAXIMUM AMOUNT $360,000 OUTSTANDING BORROWING $349,200 INTEREST RATE 6.4% As of September 30, 2023
LETTERS OF CREDIT As of September 30, 2023, we had outstanding letters of credit totaling $38,434, of which $4,463 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between October 2023 and July 2025. DEBT COVENANTS The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness. The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR") based calculations and the bond indentures use earnings before interest, taxes, depreciation and amortization ("EBITDA") based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of September 30, 2023. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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