IRM · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
IRON MOUNTAIN INC · 2026-11-05 · Importance 69 · Surprise 50 · In source text
At September 30, 2026, total long-term debt was $18,096.4 million before deferred financing costs, with a carrying amount of $17,972.2 million and $1,232.9 million classified as current. Cash and cash equivalents were $188.2 million, and the weighted-average interest rate, including letter-of-credit fees, was 5.7%, versus 5.6% a year earlier. In June 2026, the company issued $1,500.0 million of 6.25% notes due 2035 and used approximately $1,481.8 million of net proceeds to repay revolving-credit borrowings and for general corporate purposes. The accounts receivable securitization program’s borrowing capacity increased from $400.0 million to $450.0 million and its maturity was extended to July 1, 2029; Virginia 9 term loans had $138.6 million outstanding at 6.9% at quarter-end.
Key facts
- On May 28, 2026, Iron Mountain amended its accounts receivable securitization program, increasing maximum borrowing capacity from $400.0 million to $450.0 million and extending maturity from July 1, 2027 to July 1, 2029. source
- Iron Mountain had $16,739.299 million of long-term debt, net of current portion, as of September 30, 2026; total long-term debt was $17,972.202 million. source
- Iron Mountain received approximately $1,481.8 million of net proceeds from its 2035 notes and used them to repay part of its Revolving Credit Facility borrowings and for general corporate purposes. source
- The Credit Agreement, certain bond indentures, and other indebtedness agreements restrict Iron Mountain’s ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets, and take other specified corporate actions. source
- As of September 30, 2026, Iron Mountain’s net total lease adjusted leverage ratio was 4.8, versus a maximum allowable ratio of 7.0. source
- As of September 30, 2026, Iron Mountain’s fixed charge coverage ratio was 2.5, versus a minimum allowable ratio of 1.5. source
- Noncompliance with Iron Mountain’s leverage and fixed charge coverage ratios would have a material adverse effect on its financial condition and liquidity. source
- Iron Mountain reported cash and cash equivalents of $188.160 million at the end of the first nine months of 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | — | Iron Mountain received approximately $1,481.8 million of net proceeds from its 2035 notes and used them to repay part of its Revolving… |