Rackspace Technology, Inc. (RXT): debt financing — Rackspace completes public term loan exchange; over 97% of existing debt refinanced

Rackspace Technology, Inc.

On March 26, 2024, closed Public Term Loan Exchange: ~$530M Existing Term Loans exchanged/cancelled, ~$375M New FLSO Term Loans issued.
Combined with March 12 Private Exchange ($1.312B), over 97% of ~$2.1812B outstanding Existing Term Loans were exchanged or cancelled.
New FLSO Term Loans are under a new First Lien Credit Agreement with Citibank, N.A. as administrative agent.
New Borrower is Rackspace Finance, LLC, a new subsidiary of the Company.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Rackspace Technology, Inc. incurred term loan of approximately $375 million aggregate principal amount with Citibank, N.A..

Instrument: term loan
Principal: approximately $375 million aggregate principal amount
Counterparty: Citibank, N.A.
Event: incurrence

Exact text from the filing

On March 26, 2024, the Company closed the Public Term Loan Exchange, pursuant to which (i) approximately $530 million aggregate principal amount of remaining Existing Term Loans were exchanged or purchased for cancellation and (ii) approximately $375 million aggregate principal amount of New FLSO Term Loans were issued by the New Borrower under the New Credit Agreement.

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Rackspace Technology, Inc. filing history →

Source: SEC EDGAR

accession 0001810019-24-000055

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