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.