Hogan Lovells advises on first ever Australian dollar denominated and Australian law governed Term Loan B facility for Iron Mountain's acquisition of Recall Australia

Global legal practice, Hogan Lovells, recently advised Intermediate Capital Group plc in relation to its participation in a $250 million dollar Term Loan B facility for Iron Mountain Australia Group Pty Limited, a subsidiary of Iron Mountain Incorporated (NYSE:  IRM), a giant in the information management and storage services space.

ICG is part of a lending syndicate which consists of a number of institutional investors, including Australian superannuation funds. 

The TLB facility refinanced a portion of the US parent company’s indebtedness incurred at the time of the acquisition of Recall Holdings Limited earlier this year, shifting the debt to the local Australian market. 

Lead Partner on the deal and Head of Acquisition and Leveraged Finance in Australia, Richard Hayes said; "We were delighted to assist our client on the structuring, negotiation and successful completion of this ground breaking transaction – the first ever Australian dollar denominated and Australian law governed TLB facility."

The unique cross-border financing structure included a synthetic collateral allocation mechanism (CAM) which provides for a pro-rata sharing of enforcement proceeds between the Australian TLB lenders and IRM's US senior facility lenders.

This novel structure allowed the Australian TLB facility to be rated on par with the US senior facility and enabled the Australian lenders to rely on Iron Mountain’s global credit on a covenant-lite basis.

The Hogan Lovells Australia team comprised Partners Richard Hayes and Scott Harris, Senior Associate Lisa Mazor and Associate Sherry Khalili.

 

Notes to Editors:

About Hogan Lovells and Hogan Lovells in Australia

Hogan Lovells is a top 10 global legal practice with over 49 offices, 850 partners and 2,500 lawyers throughout the world.  Hogan Lovells in Australia launched on 1 July 2015.  It has offices in Perth and Sydney.

Our focus in Australia is to support major corporations, financial institutions and governments on regional and international corporate and financing transactions.

In particular, the practice's strengths extend to structuring transactions, advising on investment in the energy, natural resources, projects and infrastructure sectors and extending the reach of our regional corporate, financing and restructuring capabilities. Clients benefit from our being a single practice across Australia.  A global practice that extends the reach of our presence in over 49 locations around the world to this market.  A practice that offers clients unique cover and balance across the US, Latin America, Continental Europe, the UK, the Middle East and the Asia Pacific.


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