Rackspace Technology Announces Increase to Late Exchange Consideration for Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028
SAN ANTONIO, March 29, 2024 (GLOBE NEWSWIRE) — Rackspace Technology® (NASDAQ:RXT) (“Rackspace” or the “Company”), a leading end-to-end hybrid, multicloud, and AI technology solutions company, today announced that its indirect subsidiary Rackspace Finance, LLC (the “New Issuer”) is amending the terms of its previously announced offer (the “Amendment”) to eligible holders in respect of any and all of the 3.50% First-Priority Senior Secured Notes due 2028 (the “Existing Secured Notes”) issued by Rackspace’s indirect subsidiary Rackspace Technology Global, Inc., to (i) (A) exchange certain of those Existing Secured Notes for new 3.50% FLSO Senior Secured Notes due 2028 (the “Exchange Notes”) issued by the New Issuer and (B) have purchased for cancellation certain of those Existing Secured Notes by the New Issuer for cash (collectively, the “Exchange Offer”), and (ii) fund (the “Funding Offer” and, together with the Exchange Offer, the “Offers”) new senior secured first lien first out term loans (the “New FLFO Term Loans”) of the New Issuer, in each case, subject to the terms and conditions of the offering memorandum dated March 14, 2024 (as supplemented or otherwise modified from time to time, the “Offering Memorandum”).