---
schema_version: "secwatch.filing_event.v1"
accession: "0001810019-23-000151"
form_type: "8-K"
ticker: "RXT"
cik: "0001810019"
company_name: "Rackspace Technology, Inc."
filed_at: "2023-10-04T23:59:59+00:00"
generated_at: "2026-06-10T04:55:52.319553+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Rackspace enters $300M A/R facility, draws $209M; appoints Thomas Cole to board

## Summary
- 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.

## SEC filing metadata
- accession: 0001810019-23-000151
- form_type: 8-K
- ticker: RXT
- cik: 0001810019
- company_name: Rackspace Technology, Inc.
- filed_at: 2023-10-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1810019/000181001923000151/0001810019-23-000151-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1810019/000181001923000151/rxt-20230929.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001810019-23-000151
- JSON: https://secwatch.observer/filing/0001810019-23-000151.json
- Plain text: https://secwatch.observer/filing/0001810019-23-000151.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810019/000181001923000151/0001810019-23-000151-index.htm
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810019/000181001923000151/0001810019-23-000151-index.htm
- Debt Financings
  Rackspace Technology, Inc. incurred revolving credit of $209.0 million.
  - Instrument: revolving credit
  - Principal: $209.0 million
  - Event: incurrence
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810019/000181001923000151/0001810019-23-000151-index.htm
- Executive change
  Thomas Cole was appointed as Director at Rackspace Technology, Inc..
  - Action: appointed
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810019/000181001923000151/0001810019-23-000151-index.htm
- Material Agreements
  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
  source text: (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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810019/000181001923000151/0001810019-23-000151-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.