FACS Record Sale to Iron Mountain

On December 28, 2000, Facs Record Storage Income Fund (the Fund) successfully completed a sale to Iron Mountain Canada Corporation, a wholly-owned subsidiary of Iron Mountain Incorporated (Iron Mountain) of all of the issued and outstanding common shares and $37.5 million aggregate principal amount of 12.5 per cent unsecured, subordinated notes of FACS Records Centre Inc. (FACS). The total value of the transaction was approximately $58 million, including debt of FACS.

The Fund had been formed as an income fund in 1997, and its units had been listed on The Toronto Stock Exchange. Iron Mountain is an international, full-service provider of records and information management services having its shares listed and posted for trading on the New York Stock Exchange. FACS operates or franchises records management operations in seven cities in Canada and two cities in the United States.

Farris, Vaughan, Wills & Murphy’s Mitchell Gropper, Q.C. advised FACS with the assistance of Christine Coleman and Michael Korbin (employment), while Lawson Lundell Lawson & McIntosh’s A.W. (Tony) Ryan, Len Glass and Charles Hotel represented the Fund. Blake, Cassels & Graydon LLP’s Frank Guarascio and Kim Harle (Toronto) and Jeff Merrick and Karim Lalani (Vancouver) advised Iron Mountain and its General Counsel, Garry Watske. Trevor Bell of McCarthy Tétrault (Vancouver) represented certain individuals involved in the transaction.