Unamortized debt issuance expense, net of current portion

  
[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 Long-term debt is as follows:

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|   |  | DECEMBER 31, 2021 |  |  | DECEMBER 31, 2020 |
|   |  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIRVALUE |  |  | DEBT (INCLUSIVE OF DISCOUNT) |  | UNAMORTIZED DEFERRED FINANCING COSTS |  | CARRYING AMOUNT |  | FAIRVALUE |
| Revolving Credit Facility(1) |  | $ | —  |  |  | $ | (5,174) |  |  | $ | (5,174) |  |  | $ | —  |  |  |  | $ | —  |  |  | $ | (8,620) |  |  | $ | (8,620) |  |  | $ | —  |  |
| Term Loan A(1) |  | 203,125  |  |  | —  |  |  | 203,125  |  |  | 203,125  |  |  |  | 215,625  |  |  | —  |  |  | 215,625  |  |  | 215,625  |  |
| Term Loan B(1)(2) |  | 672,847  |  |  | (4,995) |  |  | 667,852  |  |  | 675,500  |  |  |  | 679,621  |  |  | (6,244) |  |  | 673,377  |  |  | 680,750  |  |
| Australian Dollar Term Loan (the “AUD Term Loan”)(3)(4) |  | 223,182  |  |  | (656) |  |  | 222,526  |  |  | 223,530  |  |  |  | 243,152  |  |  | (1,624) |  |  | 241,528  |  |  | 244,014  |  |
| UK Bilateral Revolving Credit Facility(4) |  | 189,168  |  |  | (709) |  |  | 188,459  |  |  | 189,168  |  |  |  | 191,101  |  |  | (1,307) |  |  | 189,794  |  |  | 191,101  |  |
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| 37/8% GBP Senior Notes due 2025 (the “GBP Notes “)(5)(7)(8) |  | 540,481  |  |  | (3,912) |  |  | 536,569  |  |  | 542,508  |  |  |  | 546,003  |  |  | (4,983) |  |  | 541,020  |  |  | 553,101  |  |
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| 47/8% Senior Notes due 2027 (the “47/8% Notes due 2027”)(5)(6)(7) |  | 1,000,000  |  |  | (8,176) |  |  | 991,824  |  |  | 1,030,000  |  |  |  | 1,000,000  |  |  | (9,598) |  |  | 990,402  |  |  | 1,046,250  |  |
| 51/4% Senior Notes due 2028 (the “51/4% Notes due 2028”)(5)(6)(7) |  | 825,000  |  |  | (7,380) |  |  | 817,620  |  |  | 862,125  |  |  |  | 825,000  |  |  | (8,561) |  |  | 816,439  |  |  | 868,313  |  |
| 5% Senior Notes due 2028 (the “5% Notes due 2028”)(5)(6)(7) |  | 500,000  |  |  | (4,763) |  |  | 495,237  |  |  | 513,750  |  |  |  | 500,000  |  |  | (5,486) |  |  | 494,514  |  |  | 523,125  |  |
| 47/8% Senior Notes due 2029 (the “47/8% Notes due 2029”)(5)(6)(7) |  | 1,000,000  |  |  | (11,211) |  |  | 988,789  |  |  | 1,022,500  |  |  |  | 1,000,000  |  |  | (12,658) |  |  | 987,342  |  |  | 1,050,000  |  |
| 51/4% Senior Notes due 2030 (the “51/4% Notes due 2030”)(5)(6)(7) |  | 1,300,000  |  |  | (12,911) |  |  | 1,287,089  |  |  | 1,355,250  |  |  |  | 1,300,000  |  |  | (14,416) |  |  | 1,285,584  |  |  | 1,400,750  |  |
| 41/2% Senior Notes due 2031 (the “41/2% Notes”)(5)(6)(7) |  | 1,100,000  |  |  | (11,404) |  |  | 1,088,596  |  |  | 1,094,500  |  |  |  | 1,100,000  |  |  | (12,648) |  |  | 1,087,352  |  |  | 1,138,500  |  |
| 5% Senior Notes due 2032 (the “5% Notes due 2032”)(5)(7)(9) |  | 750,000  |  |  | (13,782) |  |  | 736,218  |  |  | 767,813  |  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| 55/8% Senior Notes due 2032 (the “55/8% Notes”)(5)(6)(7) |  | 600,000  |  |  | (6,147) |  |  | 593,853  |  |  | 637,500  |  |  |  | 600,000  |  |  | (6,727) |  |  | 593,273  |  |  | 660,000  |  |
| Real Estate Mortgages, Financing Lease Liabilities and Other(10) |  | 460,648  |  |  | (840) |  |  | 459,808  |  |  | 460,648  |  |  |  | 511,922  |  |  | (1,086) |  |  | 510,836  |  |  | 511,922  |  |
| Accounts Receivable Securitization Program(11) |  | —  |  |  | (450) |  |  | (450) |  |  | —  |  |  |  | 85,000  |  |  | (152) |  |  | 84,848  |  |  | 85,000  |  |
| Total Long-term Debt |  | 9,364,451  |  |  | (92,510) |  |  | 9,271,941  |  |  |  |  |  | 8,797,424  |  |  | (94,110) |  |  | 8,703,314  |  |  |  |
| Less Current Portion |  | (310,084) |  |  | 656  |  |  | (309,428) |  |  |  |  |  | (193,759) |  |  | —  |  |  | (193,759) |  |  |  |
| Long-term Debt, Net of Current Portion |  | $ | 9,054,367  |  |  | $ | (91,854) |  |  | $ | 8,962,513  |  |  |  |  |  | $ | 8,603,665  |  |  | $ | (94,110) |  |  | $ | 8,509,555  |  |  |  |

(1)The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests of most of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC (“Canada Company”) has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under the Revolving Credit Facility. The fair value (Level 3 of fair value hierarchy described at Note 2.o.) of these debt instruments approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of December 31, 2021 and 2020.(2)The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $903 and $1,129 as of December 31, 2021 and 2020, respectively.(3)The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $348 and $862 as of December 31, 2021 and 2020, respectively.(4)The fair value (Level 3 of fair value hierarchy described at Note 2.o.) of this debt instrument approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate.(5)The fair values (Level 1 of fair value hierarchy described at Note 2.o.) of these debt instruments are based on quoted market prices for these notes on December 31, 2021 and 2020, respectively.

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| 103 | IRON MOUNTAIN 2021 FORM 10-K |  |


