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Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt DEBT
Long-term debt is as follows:
 JUNE 30, 2025DECEMBER 31, 2024
 
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)
$1,086,500 $(9,171)$1,077,329 $1,086,500 $121,000 $(9,253)$111,747 $121,000 
Term Loan A(1)
500,000 — 500,000 500,000 216,016 — 216,016 216,016 
Term Loan B(1)
1,831,699 (13,461)1,818,238 1,841,351 1,840,181 (14,690)1,825,491 1,850,698 
Virginia 3 Term Loans(2)
271,079 (2,145)268,934 271,079 271,079 (3,013)268,066 271,079 
Virginia 4/5 Term Loans(2)
195,547 (1,087)194,460 195,547 76,535 (2,752)73,783 76,535 
Virginia 6 Term Loans(2)
202,125 (3,619)198,506 202,125 137,495 (4,605)132,890 137,495 
Virginia 7 Term Loans(2)
207,920 (6,453)201,467 207,920 32,074 (7,591)24,483 32,074 
Australian Dollar Term Loan(2)
260,150 (1,984)258,166 262,053 175,813 (265)175,548 176,655 
UK Bilateral Revolving Credit Facility(2)(3)
191,997 (984)191,013 191,997 175,503 (1,034)174,469 175,503 
GBP Notes(2)
548,564 (345)548,219 542,393 501,437 (789)500,648 490,155 
47/8% Notes due 2027(2)
1,000,000 (3,199)996,801 991,250 1,000,000 (3,910)996,090 972,500 
51/4% Notes due 2028(2)
825,000 (3,247)821,753 818,813 825,000 (3,838)821,162 804,375 
5% Notes due 2028(2)
500,000 (2,231)497,769 494,375 500,000 (2,592)497,408 481,250 
7% Notes due 2029(2)
1,000,000 (7,623)992,377 1,032,500 1,000,000 (8,686)991,314 1,020,000 
47/8% Notes due 2029(2)
1,000,000 (6,148)993,852 978,750 1,000,000 (6,871)993,129 945,000 
51/4% Notes due 2030(2)
1,300,000 (7,647)1,292,353 1,278,875 1,300,000 (8,399)1,291,601 1,235,000 
41/2% Notes(2)
1,100,000 (7,052)1,092,948 1,043,625 1,100,000 (7,674)1,092,326 1,001,000 
5% Notes due 2032(2)
750,000 (9,247)740,753 716,250 750,000 (9,900)740,100 688,125 
55/8% Notes(2)
600,000 (4,114)595,886 592,500 600,000 (4,404)595,596 570,000 
61/4% Notes(2)
1,200,000 (13,653)1,186,347 1,230,000 1,200,000 (14,517)1,185,483 1,194,000 
Real Estate Mortgages, Financing Lease Liabilities and Other731,216 (1,795)729,421 731,216 614,231 (1,825)612,406 614,231 
Accounts Receivable Securitization Program400,000 (536)399,464 400,000 400,000 (670)399,330 400,000 
Total Long-term Debt15,701,797 (105,741)15,596,056  13,836,364 (117,278)13,719,086 
Less Current Portion(777,881)— (777,881) (715,109)— (715,109) 
Long-term Debt, Net of Current Portion$14,923,916 $(105,741)$14,818,175  $13,121,255 $(117,278)$13,003,977  
(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 a term loan B facility (the "Term Loan B"). The remaining amount available for borrowing under the Revolving Credit Facility as of June 30, 2025 was $1,645,572 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 6.2% as of June 30, 2025.
(2)Each as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
(3)On July 11, 2025, we amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2026 to September 24, 2028. All other material terms remain the same as 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 June 30, 2025).
CREDIT AGREEMENT
On June 18, 2025, we amended the Credit Agreement, which resulted in an increase in the principal amount of the Term Loan A from $218,750 to $500,000. Quarterly principal payments of approximately $6,250 on the Term Loan A will commence in September 2025. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
AUSTRALIAN DOLLAR TERM LOAN
On June 25, 2025, Iron Mountain Australia Group Pty, Ltd., a wholly owned subsidiary of Iron Mountain Incorporated, amended its AUD Term Loan, which resulted in:
•an extension of the maturity date from September 30, 2026 to September 30, 2030,
•an increase in the original principal amount from 350,000 Australian dollars to 400,000 Australian dollars and
•a decrease in the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.625% to BBSY plus 3.500%.
The amended loan was issued at 99.5% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 10,000 Australian dollars per year, with the remaining balance due September 2030. As of June 30, 2025, we had 400,000 Australian dollars (or $262,053, based upon the exchange rate between the United States dollar and the Australian dollar as of June 30, 2025) outstanding on the AUD Term Loan and the interest rate in effect under the AUD Term Loan was 7.2%.
All other material terms of the AUD Term Loan remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
OUTSTANDING BORROWINGS
AU$400,000
7.2%
Interest Rate
As of June 30, 2025
LETTERS OF CREDIT
As of June 30, 2025, we have outstanding letters of credit totaling $74,309, of which $17,928 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between August 2025 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, 2025. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity