Rackspace Technology, Inc. (RXT): debt financing — Rackspace closes early exchange of $133.3M notes; over 90% of existing secured notes now exchanged

Rackspace Technology, Inc.

Private exchange ($331.4M) and public early settlement ($133.3M) result in over 90% of $513.7M existing 3.50% notes exchanged or cancelled.
New secured notes issued: $267.3M (private) and $93.3M (public) due 2028 under new subsidiary Rackspace Finance, LLC.
Company reaffirms Q1 2024 guidance previously issued March 12, 2024, with no change.
Exchange reduces outstanding existing secured notes from $513.7M to less than ~10% remaining.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Rackspace Technology, Inc. incurred senior notes of approximately $93.3 million aggregate principal amount of New Secured Notes with holders of Existing Secured Notes maturing due 2028.

Instrument: senior notes
Principal: approximately $93.3 million aggregate principal amount of New Secured Notes
Counterparty: holders of Existing Secured Notes
Maturity: due 2028
Event: incurrence

Exact text from the filing

On April 2, 2024, the Company closed the early settlement of the Public Notes Exchange, pursuant to which (i) approximately $133.3 million aggregate principal amount of Existing Secured Notes were exchanged or purchased for cancellation and (ii) approximately $93.3 million aggregate principal amount of New Secured Notes were issued by the New Borrower under the New Secured Notes Indenture.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Rackspace Technology, Inc. updated its the fiscal quarter and year ended December 31, 2023 guidance (reaffirmed).

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

Exact text from the filing

On April 2, 2024, the Company reaffirmed the financial guidance provided by the Company in the previous press release dated March 12, 2024.

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310 debt financings filed in the last 30 days. Browse all debt financings →

Rackspace Technology, Inc. filing history →

Source: SEC EDGAR

accession 0001810019-24-000064

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