Debt (Tables)

9 Months Ended

Sep. 30, 2012

Debt

Carrying amount and fair value of long-term debt instruments

	December 31, 2011					September 30, 2012
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Revolving Credit Facility(1)	$	96,000		$	96,000	$	—		$	—
Term Loan Facility(1)		487,500			487,500		468,750			468,750
71/4% GBP Senior Subordinated Notes due 2014 (the "71/4% Notes")(2)(3)		233,115			233,115		242,475			243,384
65/8% Senior Subordinated Notes due 2016 (the "65/8% Notes")(2)(3)		318,025			320,400		—			—
71/2% CAD Senior Subordinated Notes due 2017 (the "Subsidiary Notes")(2)(4)		171,273			174,698		177,914			184,141
83/4% Senior Subordinated Notes due 2018 (the "83/4% Notes")(2)(3)		200,000			209,000		—			—
8% Senior Subordinated Notes due 2018 (the "8% Notes")(2)(3)		49,806			47,607		49,827			55,979
63/4% Euro Senior Subordinated Notes due 2018 (the "63/4% Notes")(2)(3)		328,750			312,352		326,238			331,132
73/4% Senior Subordinated Notes due 2019 (the "73/4% Notes")(2)(3)		400,000			422,750		400,000			450,000
8% Senior Subordinated Notes due 2020 (the "8% Notes due 2020")(2)(3)		300,000			313,313		300,000			319,118
83/8% Senior Subordinated Notes due 2021 (the "83/8% Notes")(2)(3)		548,346			586,438		548,475			609,813
53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(2)(3)		—			—		1,000,000			1,002,500
Real Estate Mortgages, Capital Leases and Other(5)		220,773			220,773		225,748			225,748
Total Long-term Debt		3,353,588					3,739,427
Less Current Portion		(73,320	)				(71,380	)
Long-term Debt, Net of Current Portion	$	3,280,268				$	3,668,047

(1)

The capital stock or other equity interests of most of our U.S. subsidiaries, and up to 66% of the capital stock or other equity interests of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations of subsidiaries owed to us or to one of our U.S. subsidiary guarantors or Iron Mountain Canada Corporation ("Canada Company") and all promissory notes held by us or one of our U.S. subsidiary guarantors or Canada Company. The fair value of this long-term debt approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates, which are subject to change based on our consolidated leverage ratio, as of December 31, 2011 and September 30, 2012, respectively).

(2)

The fair values of these debt instruments are based on quoted market prices for these notes on December 31, 2011 and September 30, 2012, respectively.

(3)

Collectively, the "Parent Notes." IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior subordinated basis, by substantially all of its direct and indirect wholly owned U.S. subsidiaries (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company and the remainder of our subsidiaries do not guarantee the Parent Notes.

(4)

Canada Company is the direct obligor on the Subsidiary Notes, which are fully and unconditionally guaranteed, on a senior subordinated basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors.

(5)

We believe the fair value of this debt approximates its carrying value.

Term loan payments required as a percentage of original principal amount

Year Ending	Percentage
June 30, 2012		5	%
June 30, 2013		5	%
June 30, 2014		10	%
June 30, 2015		15	%
June 27, 2016		65	%