Rackspace closes $1.9B debt exchange, cuts >$375M debt, extends maturities to 2028

Rackspace Technology, Inc.

Exchanged $331.4M of 3.50% secured notes and $1.59B of term loans with holders representing >64% and >72% of each class.
Issued $267.3M new 3.50% secured notes and $1.31B new first-lien second-out term loans, both maturing May 2028.
Eliminated over $375M of debt and extended $1.58B of total debt maturity to May 2028.
Received $275M new first-lien first-out term loans (SOFR+6.25%) and established a new $375M revolving credit facility.
Expects to commence public exchange offers for remaining $182.3M notes and $592.3M term loans.

item 1.01 item 2.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Rackspace Technology, Inc. reported financial results for the fiscal quarter and year ended December 31, 2023.

Period: the fiscal quarter and year ended December 31, 2023
Result: reported results

Exact text from the filing

On March 12, 2024, the Company issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Rackspace Technology, Inc. entered into First Lien Credit Agreement with Citibank, N.A., administrative agent and collateral agent (effective 2024-03-12).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A., administrative agent and collateral agent
Effective: 2024-03-12

Exact text from the filing

the New Borrower entered into a First Lien Credit Agreement, dated March 12, 2024 (the “ New Credit Agreement ”), among Rackspace Finance Holdings, LLC (“ New Holdings ”), the New Borrower, the lenders and issuing banks party thereto and Citibank, N.A., as administrative agent and collateral agent

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Rackspace Technology, Inc. filing history →

Source: SEC EDGAR

accession 0001810019-24-000029

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