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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt DEBT
Long-term debt is as follows:
 JUNE 30, 2024DECEMBER 31, 2023
 
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)
$745,000 $(4,065)$740,935 $745,000 $— $(4,621)$(4,621)$— 
Term Loan A(1)
221,875 — 221,875 221,875 228,125 — 228,125 228,125 
Term Loan B due 2026(1)
655,911 (1,874)654,037 656,250 659,298 (2,498)656,800 659,750 
Term Loan B due 2031(1)
1,185,635 (12,369)1,173,266 1,194,000 1,191,000 (13,026)1,177,974 1,200,000 
Virginia 3 Term Loans(2)
221,615 (3,771)217,844 221,615 101,218 (4,641)96,577 101,218 
Virginia 4/5 Term Loans(2)
61,513 (4,286)57,227 61,513 16,338 (5,892)10,446 16,338 
Virginia 6 Term Loans(3)
53,825 (5,585)48,240 53,825 — — — — 
Australian Dollar Term Loan(2)
191,334 (365)190,969 192,498 197,743 (482)197,261 199,195 
UK Bilateral Revolving Credit Facility(2)
177,043 — 177,043 177,043 178,239 — 178,239 178,239 
GBP Notes(2)
505,836 (1,274)504,562 492,780 509,254 (1,763)507,491 489,108 
47/8% Notes due 2027(2)
1,000,000 (4,621)995,379 962,500 1,000,000 (5,332)994,668 967,500 
51/4% Notes due 2028(2
825,000 (4,428)820,572 796,125 825,000 (5,019)819,981 800,250 
5% Notes due 2028(2)
500,000 (2,954)497,046 477,500 500,000 (3,316)496,684 478,750 
7% Notes due 2029(2)
1,000,000 (9,750)990,250 1,012,500 1,000,000 (10,813)989,187 1,027,500 
47/8% Notes due 2029(2)
1,000,000 (7,595)992,405 937,500 1,000,000 (8,318)991,682 945,000 
51/4% Notes due 2030(2)
1,300,000 (9,151)1,290,849 1,228,500 1,300,000 (9,903)1,290,097 1,241,500 
41/2% Notes(2)
1,100,000 (8,296)1,091,704 990,000 1,100,000 (8,917)1,091,083 995,500 
5% Notes due 2032(2)
750,000 (10,553)739,447 682,500 750,000 (11,206)738,794 684,375 
55/8% Notes(2)
600,000 (4,695)595,305 565,500  600,000 (4,985)595,015 567,000 
Real Estate Mortgages, Financing Lease Liabilities and Other568,267 (638)567,629 568,267 519,907 (403)519,504 519,907 
Accounts Receivable Securitization Program(3)
373,800 (809)372,991 373,800 358,500 (317)358,183 358,183 
Total Long-term Debt13,036,654 (97,079)12,939,575  12,034,622 (101,452)11,933,170 
Less Current Portion(125,409)— (125,409) (120,670)— (120,670) 
Long-term Debt, Net of Current Portion$12,911,245 $(97,079)$12,814,166  $11,913,952 $(101,452)$11,812,500  
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A facility (the “Term Loan A”) and two term loan B facilities (the "Term Loan B due 2026" and the "Term Loan B due 2031"). The remaining amount available for borrowing under the Revolving Credit Facility as of June 30, 2024 was $1,496,102 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 7.2% as of June 30, 2024. Due to the discontinuance of the Canadian Dollar Offered Rate reference rate on June 28, 2024, the Credit Agreement was amended on June 7, 2024 to update the interest rate benchmark available for Canadian currency borrowings under our Revolving Credit Facility to the Canadian Overnight Repo Rate Average, effective July 1, 2024. All other material terms of the Revolving Credit Facility remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
(2)Each as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
(3)The fair value (Level 2 of fair value hierarchy described at Note 2.e.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate.
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 June 30, 2024).
CREDIT AGREEMENT
On July 2, 2024, we amended the Credit Agreement, which resulted in (i) an increase in the principal amount of the Term Loan B due 2031 from $1,194,000 to approximately $1,806,700, (ii) a decrease in the interest rate of the Term Loan B due 2031 from SOFR plus 2.25% to SOFR plus 2.00% and (iii) a decrease in the principal amount of our Term Loan B due 2026 from approximately $656,300 to approximately $53,400. We paid original issue discount fees of approximately $4,300 in connection with this amendment. Quarterly principal payments of approximately $4,500 on the Term Loan B due 2031 will commence in September 2024. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
VIRGINIA CREDIT AGREEMENTS
As our Global Data Center business continues to expand, we have entered into credit agreements in order to partially finance the construction of various data centers. During the quarter ended June 30, 2024, we entered into two new agreements. These agreements primarily consist of the following term loan facilities:
AGREEMENTMAXIMUM BORROWING
AMOUNT
OUTSTANDING BORROWINGS AS OF JUNE 30, 2024
DIRECT
OBLIGOR		CONTRACTUAL INTEREST RATEUNUSED COMMITMENT FEE
MATURITY DATE(1)
Virginia 6 Term Loans(2)
$210,000 $53,825 Iron Mountain Data Centers Virginia 6, LLCSOFR plus 2.75%0.75%May 3, 2027
Virginia 7 Term Loans(3)
300,000 — Iron Mountain Data Centers Virginia 7, LLCSOFR plus 2.50%0.75%April 12, 2027
(1)All obligations will become due on the specified maturity dates. Each agreement includes two one-year options that allow us to extend the initial maturity date, subject to the conditions specified in the agreements.
(2)On May 3, 2024, Iron Mountain Data Centers Virginia 6, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 6/7 JV, LLC, entered into a credit agreement (the "Virginia 6 Credit Agreement"). The Virginia 6 Credit Agreement consists of a term loan facility (the "Virginia 6 Term Loans") and a letter of credit facility. The Virginia 6 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 6, LLC. As of June 30, 2024, the interest rate in effect under the Virginia 6 Credit Agreement was 5.3%.
(3)On April 12, 2024, Iron Mountain Data Centers Virginia 7, LLC, a wholly-owned subsidiary of Iron Mountain Data Centers Virginia 6/7 JV, LLC, entered into a credit agreement (the "Virginia 7 Credit Agreement"). The Virginia 7 Credit Agreement consists of a term loan facility and a letter of credit facility. The Virginia 7 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 7, LLC.
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM
On June 14, 2024, we amended the Accounts Receivable Securitization Program (as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report) to (i) increase the maximum borrowing capacity from $360,000 to $400,000, with an option to increase the borrowing capacity to $450,000, and (ii) extend the maturity date from July 1, 2025 to July 1, 2027, at which point all obligations become due. All other material terms of the Accounts Receivable Securitization Program remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
MAXIMUM AMOUNT
$400,000

OUTSTANDING BORROWING
$373,800

INTEREST RATE
6.4%
As of June 30, 2024
LETTERS OF CREDIT
As of June 30, 2024, we had outstanding letters of credit totaling $58,880, of which $8,898 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between July 2024 and May 2027.
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 June 30, 2024. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.