v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Long-term debt is as follows:
JUNE 30, 2026DECEMBER 31, 2025
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)
$30,000 $(7,241)$22,759 $30,000 $751,500 $(8,207)$743,293 $751,500 
Term Loan A(1)
475,000 — 475,000 475,000 487,500 — 487,500 487,500 
Term Loan B(1)
2,011,653 (11,426)2,000,227 2,021,130 2,020,957 (12,465)2,008,492 2,031,495 
Virginia 3 Term Loans due 2026
— — — — 271,079 (1,189)269,890 271,079 
Virginia 6 Term Loans(2)
210,000 (1,645)208,355 210,000 210,000 (2,633)207,367 210,000 
Virginia 7 Term Loans(2)
293,455 (2,719)290,736 293,455 275,314 (4,351)270,963 275,314 
Virginia 9 Term Loans(3)
29,595 (7,038)22,557 29,595 — — — — 
Virginia 4/5 Term Loans due 2030(2)
208,224 (3,167)205,057 208,224 208,224 (3,529)204,695 208,224 
Virginia 3 Term Loans due 2031(3)
433,000 (8,137)424,863 433,000 — — — — 
Australian Dollar Term Loan(2)
267,257 (1,814)265,443 268,877 262,192 (1,965)260,227 263,948 
UK Revolving Credit Facility(2)
185,405 (1,405)184,000 185,405 188,385 (2,002)186,383 188,385 
47/8% Notes due 2027(2)(4)
1,000,000 (1,777)998,223 998,750 1,000,000 (2,488)997,512 995,000 
51/4% Notes due 2028(2)(4)
825,000 (2,067)822,933 822,938 825,000 (2,657)822,343 823,969 
5% Notes due 2028(2)(4)
500,000 (1,507)498,493 496,250 500,000 (1,869)498,131 497,500 
7% Notes(2)(4)
1,000,000 (5,495)994,505 1,016,250 1,000,000 (6,559)993,441 1,025,000 
47/8% Notes due 2029(2)(4)
1,000,000 (4,701)995,299 976,250 1,000,000 (5,425)994,575 983,750 
51/4% Notes due 2030(2)(4)
1,300,000 (6,142)1,293,858 1,275,625 1,300,000 (6,894)1,293,106 1,280,500 
41/2% Notes(2)(4)
1,100,000 (5,809)1,094,191 1,047,750 1,100,000 (6,430)1,093,570 1,042,250 
5% Notes due 2032(2)
750,000 (7,942)742,058 718,125 750,000 (8,595)741,405 710,625 
55/8% Notes(2)(4)
600,000 (3,533)596,467 591,750 600,000 (3,823)596,177 586,500 
61/4% Notes(2)(4)
1,200,000 (11,852)1,188,148 1,210,500 1,200,000 (12,752)1,187,248 1,206,000 
Euro Notes(2)(4)
1,368,929 (15,728)1,353,201 1,358,662 1,408,825 (16,765)1,392,060 1,370,082 
61/4% Senior Notes due 2035 (the "61/4% Notes due 2035")(4)(5)
1,500,000 (18,220)1,481,780 1,503,750 — — — — 
Real Estate Mortgages, Financing Lease Liabilities and Other794,087 (1,277)792,810 794,087 785,497 (1,512)783,985 785,497 
Accounts Receivable Securitization Program400,500 (1,814)398,686 400,500 400,000 (404)399,596 400,000 
Total Long-term Debt17,482,105 (132,456)17,349,649 16,544,473 (112,514)16,431,959 
Less Current Portion(220,809)— (220,809)(216,074)— (216,074)
Long-term Debt, Net of Current Portion$17,261,296 $(132,456)$17,128,840 $16,328,399 $(112,514)$16,215,885 
(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, 2026 was $2,707,574 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 5.4% as of June 30, 2026.
(2)Each as defined in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report.
(3)We believe the fair value (Level 2 of the fair value hierarchy described in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report) of this debt instrument approximates its carrying value as these borrowings are based on current market interest rates.
(4)Collectively, the "Parent Notes". Iron Mountain Incorporated ("IMI") is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by 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.
(5)The fair value (Level 2 of the fair value hierarchy described in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report) of this debt instrument is based on a quoted market price for comparable notes on June 30, 2026.
See Note 6 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, 2026).
DATA CENTER DEBT AGREEMENTS
On January 9, 2026, Iron Mountain Data Centers Virginia 3, LLC and Iron Mountain Data Centers Virginia 3 Intermediate II, LLC, both wholly-owned subsidiaries of IMI, entered into a mortgage loan agreement and a mezzanine loan agreement with a total original principal balance of $433,000 (the "Virginia 3 Term Loans due 2031"). The Virginia 3 Term Loans due 2031 are secured by the property of Iron Mountain Data Centers Virginia 3, LLC and are scheduled to mature on January 9, 2031, at which point all obligations will become due. The Virginia 3 Term Loans due 2031 bear interest at a weighted average rate of 6.3%. Total net proceeds from the Virginia 3 Term Loans due 2031 were used to repay the Virginia 3 Term Loans due 2026 (defined as the Virginia 3 Term Loans in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report) and a portion of the outstanding borrowings under the Revolving Credit Facility.
On June 9, 2026, Iron Mountain Data Centers Virginia 9, LLC, an indirect subsidiary of IMI, entered into a credit agreement that includes a term loan facility (the "Virginia 9 Term Loans") and a letter of credit facility (collectively, the "Virginia 9 Credit Agreement"), under which we have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $298,000. The Virginia 9 Term Loans bear interest at SOFR plus 3.00%. The Virginia 9 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.90%. The Virginia 9 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 9, LLC and is scheduled to mature on June 9, 2029, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date, subject to the conditions specified in the Virginia 9 Credit Agreement. As of June 30, 2026, we had $29,595 outstanding on the Virginia 9 Term Loans and the interest rate in effect under the Virginia 9 Credit Agreement was 6.9%.
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM
On May 28, 2026, we amended the Accounts Receivable Securitization Program (as defined in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report) to (i) include the sale of accounts receivable from certain of our wholly-owned Canadian entities, (ii) increase the maximum borrowing capacity from $400,000 to $450,000 and (iii) extend the maturity date from July 1, 2027 to July 1, 2029, at which point all obligations become due. All other material terms of the Accounts Receivable Securitization Program remain the same as disclosed in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report.
MAXIMUM AMOUNT
$450,000

OUTSTANDING BORROWING
$400,500

INTEREST RATE
4.7%
As of June 30, 2026
JUNE 2026 OFFERING
On June 26, 2026, IMI completed a private offering of:
SERIES OF NOTESAGGREGATE PRINCIPAL AMOUNTMATURITY DATEINTEREST PAYMENT DUE
PAR CALL DATE(1)
61/4% Notes due 2035
$1,500,000 January 15, 2035January 15 and July 15July 15, 2031
(1)We may redeem the 61/4% Notes due 2035 at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the 61/4% Notes due 2035 at the redemption price or make-whole premium specified in the indenture governing the 61/4% Notes due 2035, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the 61/4% Notes due 2035 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 61/4% Notes due 2035 were issued at par and have a contractual interest rate of 6.25%. The total net proceeds from the issuance, after deducting the initial purchasers' commissions and third-party fees, of approximately $1,481,800 were used to repay a portion of the outstanding borrowings under the Revolving Credit Facility and for general corporate purposes. As of June 30, 2026, we had $1,500,000 outstanding on the 61/4% Notes due 2035.
LETTERS OF CREDIT
As of June 30, 2026, we have outstanding letters of credit totaling $51,395, of which $12,426 reduces our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between October 2026 and July 2027.
DEBT COVENANTS
The Credit Agreement, certain of 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 certain of 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 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, 2026. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity