Repurchase price in the event of change of control, percentage of principal plus accrued and unpaid interest

  
[Table of Contents](#i1d117440a79147f69db4408bc4f22334_10)Part IV

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IRON MOUNTAIN INCORPORATEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)DECEMBER 31, 2021(In thousands, except share and per share data)7. DEBT (CONTINUED) IMI’s wholly owned subsidiary, Iron Mountain Information Management, LLC (“IMIM”), has an incremental term loan B with a principal amount of $700,000 (the “Term Loan B”). The Term Loan B, which matures on January 2, 2026, was issued at 99.75% of par. The Term Loan B holders benefit from the same security and guarantees as other borrowings under the Credit Agreement. The Term Loan B holders also benefit from the same affirmative and negative covenants as other borrowings under the Credit Agreement; however, the Term Loan B holders are not generally entitled to the benefits of the financial covenants under the Credit Agreement.Principal payments on the Term Loan B are to be paid in quarterly installments of $1,750 per quarter during the period June 30, 2018 through December 31, 2025, with the balance due on January 2, 2026. The Term Loan B may be prepaid without penalty at any time. The Term Loan B bears interest at a rate of LIBOR plus 1.75%. As of December 31, 2021, we had $673,750 aggregate outstanding principal amount under the Term Loan B. The interest rate in effect under Term Loan B as of December 31, 2021 and 2020 was 3.1% and 1.9%, respectively.

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| REVOLVING CREDIT FACILITY$1,750,000 |  |  | TERM LOAN A$250,000 |  |  | TERM LOAN B$700,000 |
| Outstanding borrowings$0 |  |  | Aggregate outstanding principal amount$203,125 |  |  | Aggregate outstanding principal amount$673,750 |
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| N/AInterest rate |  |  | 1.9%Interest rate |  |  | 3.1%Interest rate |
| As of December 31, 2021 |  |  | As of December 31, 2021 |  |  | As of December 31, 2021 |

B. NOTES ISSUED UNDER INDENTURESEach series of notes shown below (i) is effectively subordinated to all of our secured indebtedness, including under the Credit Agreement, to the extent of the value of the collateral securing such indebtedness, (ii) ranks pari passu in right of payment with each other and with debt outstanding under the Credit Agreement, the senior notes shown below and other “senior debt” we incur from time to time, and (iii) is structurally subordinated to all liabilities of our subsidiaries that do not guarantee such series of notes.The key terms of our indentures are as follows:

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| SENIOR NOTES |  | AGGREGATEPRINCIPAL AMOUNT |  | DIRECT OBLIGOR |  | MATURITY DATE |  | CONTRACTUAL INTEREST RATE |  | INTEREST PAYMENTS DUE |  | PAR CALL DATE(1) |
| GBP Notes |  | £ | 400,000  |  |   | IM UK |  | November 15, 2025 |  | 37/8% |  | May 15 and November 15 |  | November 15, 2022 |
| 47/8% Notes due 2027 |  | $ | 1,000,000  |  |  | IMI |  | September 15, 2027 |  | 47/8% |  | March 15 and September 15 |  | September 15, 2025 |
| 51/4% Notes due 2028 |  | $ | 825,000  |  |  | IMI |  | March 15, 2028 |  | 51/4% |  | March 15 and September 15 |  | March 15, 2025 |
| 5% Notes due 2028 |  | $ | 500,000  |  |  | IMI |  | July 15, 2028 |  | 5% |  | January 15 and July 15 |  | July 15, 2025 |
| 47/8% Notes due 2029 |  | $ | 1,000,000  |  |  | IMI |  | September 15, 2029 |  | 47/8% |  | March 15 and September 15 |  | September 15, 2027 |
| 51/4% Notes due 2030 |  | $ | 1,300,000  |  |  | IMI |  | July 15, 2030 |  | 51/4% |  | January 15 and July 15 |  | July 15, 2028 |
| 41/2% Notes |  | $ | 1,100,000  |  |  | IMI |  | February 15, 2031 |  | 41/2% |  | February 15 and August 15 |  | February 15, 2029 |
| 5% Notes due 2032 |  | $ | 750,000  |  |  | IMIM Services |  | July 15, 2032 |  | 5% |  | May 15 and November 15 |  | July 15, 2027 |
| 55/8% Notes |  | $ | 600,000  |  |  | IMI |  | July 15, 2032 |  | 55/8% |  | January 15 and July 15 |  | July 15, 2029 |

(1)We may redeem the notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the notes at the redemption price or make-whole premium specified in the applicable indenture, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the notes at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.Each of the indentures for the notes provides that we must repurchase, at the option of the holders, the notes at 101% of their principal amount, plus accrued and unpaid interest, upon the occurrence of a “Change of Control,” which is defined in each respective indenture. Except for required repurchases upon the occurrence of a Change of Control or in the event of certain asset sales, each as described in the respective indenture, we are not required to make sinking fund or redemption payments with respect to any of the notes.

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| 105 | IRON MOUNTAIN 2021 FORM 10-K |  |


