Issuer:

Issue:

Senior Subordinated Notes due 2021

Distribution:

SEC Registered

Offering Size:

$550,000,000

Coupon:

8.375% per annum, payable semi-annually, February 15 and August 15, commencing February 15, 2010

Maturity:

August 15, 2021

Price to Public (Issue Price):

99.625%

Gross Proceeds:

$547,937,500

Gross Spread:

1.500%

All-in Price:

98.125%

Spread to Treasury:

+ 466 bps

Net Proceeds to Issuer:

$539,687,500 (before offering expenses)

Benchmark:

UST 3.125% due May 15, 2019

Optional Redemption:

Make-Whole T + 75 bps until August 15, 2014

Call Prices:

August 15, 2014

104.188%

Equity Clawback:

A portion of the outstanding notes at 108.375% until August 15, 2012 provided at least $357,500,000 aggregate principal amount of notes (including any additional notes subsequently issued as part of the same class) remain outstanding immediately thereafter

Change of Control:

101% of principal plus accrued interest

Trade Date:

August 5, 2009

Settlement Date:

August 10, 2009

CUSIP:

46284P AM6

ISIN:

US46284PAM68

Denominations

2,000 x 1,000

Joint Bookrunners:

Barclays Capital Inc., Banc of America Securities LLC, J.P. Morgan Securities Inc. and Scotia Capital (USA) Inc.

Senior Co-Managers:

Morgan Stanley & Co. Incorporated and RBS Securities Inc.

Junior Co-Managers:

Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.

Use of Proceeds:

The net proceeds to us from the offering of the notes are estimated to be $538.5 million, after deducting discounts to the underwriters and estimated offering expenses. We intend to use the net proceeds from the offering of the notes for the redemption of all of our outstanding 8⁵/8% Senior Subordinated Notes due 2013, the repayment, repurchase or retirement of other indebtedness and for general corporate purposes, including potential future acquisitions and investments.

Other Information:

On page S-16 of the preliminary prospectus supplement dated August 5, 2009 to which this pricing term sheet relates, the dollar amounts listed under the As Adjusted column for the line items "Cash and Cash Equivalents", "Iron Mountain Revolving Credit Facility", "% Senior Subordinated Notes due 2021", "Total Long-term Debt (Including Current Maturities)" and "Total Capitalization" are supplemented to read as follows (in thousands): $341,715, 96,302, 547,938, 3,273,954 and 5,223,621, respectively.