8-K
filed October 4, 2023, 7:59 PM ET
ticker RXT
CIK 0001810019
debt
confidence high
sentiment neutral
materiality 0.60
Rackspace Technology, Inc. (RXT): debt financing — Rackspace enters $300M A/R facility, draws $209M; appoints Thomas Cole to board
Rackspace Technology, Inc.
- Entered $300M receivables purchase facility with PNC; drew $209M on Sept 29, 2023.
- Proceeds used to repay $50M revolver balance and for general corporate/strategic initiatives.
- Appointed Thomas Cole to Board of Directors, effective Oct 2, 2023, as Class III director.
- Cole has 37+ years Wall Street experience, most recently co-head of leveraged finance at Citibank.
- A/R facility terminates Sept 29, 2026, unless earlier terminated per terms.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.7
Rackspace Technology, Inc. entered an off-balance-sheet arrangement for debt of $300 million aggregate purchase limit with PNC Bank, National Association.
- Principal
- $300 million aggregate purchase limit
- Counterparty
- PNC Bank, National Association
- Event
- off balance sheet
Exact text from the filing
may continue to sell and transfer, such receivables to Purchaser and to other purchasers under the RPA (the "A/R Facility"). The A/R Facility has an aggregate purchase limit of $300 million and advances are permitted to the extent that the face amount of eligible receivables in the collateral pool exceeds the outstanding advances by a specified amount. On the
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Rackspace Technology, Inc. incurred debt of $300 million aggregate purchase limit with PNC Bank, National Association at at the rate specified in the RPA maturing September 29, 2026.
- Principal
- $300 million aggregate purchase limit
- Counterparty
- PNC Bank, National Association
- Rate
- at the rate specified in the RPA
- Maturity
- September 29, 2026
- Event
- incurrence
Exact text from the filing
may continue to sell and transfer, such receivables to Purchaser and to other purchasers under the RPA (the "A/R Facility"). The A/R Facility has an aggregate purchase limit of $300 million and advances are permitted to the extent that the face amount of eligible receivables in the collateral pool exceeds the outstanding advances by a specified amount. On the
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Rackspace Technology, Inc. incurred revolving credit of $209.0 million.
- Instrument
- revolving credit
- Principal
- $209.0 million
- Event
- incurrence
Exact text from the filing
On the Closing Date, the Company drew $209.0 million under the A/R Facility and intends to use the proceeds for general corporate purposes, including investing into ongoing business needs and strategic initiatives, and to pre-pay the principal balance of $50.0 million outstanding under the Company's revolving credit facility.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas Cole was appointed as Director at Rackspace Technology, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Effective October 2, 2023, the board of directors (the "Board") of the Company, with the recommendation of the Nominating and Corporate Governance Committee, appointed Mr. Thomas Cole as a member of the Board.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Rackspace Technology, Inc. entered into RPA with PNC Bank, National Association valued at $300 million (effective 2023-09-29).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- PNC Bank, National Association
- Value
- $300 million
- Effective
- 2023-09-29
Exact text from the filing
(the "Company"), entered into a receivables purchase agreement (the "RPA") with PNC Bank, National Association, as administrative agent and as purchaser (the "Purchaser") and the other parties thereto.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.