Rackspace Technology Announces Final Results of Tender Offer

Rhea-AI Summary

Rackspace Technology (NASDAQ: RXT) has completed its tender offer for its 8.625% Senior Notes due 2024, which expired on December 14, 2020. The company purchased $259,147,000 in Notes by the Early Tender Time on November 30, 2020. Following this, no additional notes were tendered before the expiration.

Rackspace Technology provides comprehensive multicloud technology services, assisting clients in modernizing applications and adopting innovative technologies throughout their cloud journey.

Positive

• Completed the purchase of $259,147,000 in Senior Notes, reducing debt.
• Successful execution of the tender offer with no additional notes tendered after early deadline.

Negative

• None.

SAN ANTONIO, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Rackspace Technology™ (NASDAQ: RXT) today announced the final results for the previously announced tender offer (the “Tender Offer”) by its wholly owned subsidiary Rackspace Technology Global, Inc. (the “Company”) to purchase for cash any and all of the Company’s outstanding 8.625% Senior Notes due 2024 (the “Notes”). The Tender Offer expired at the end of the day, 12:00 midnight, New York City time on Monday, December 14, 2020 (the “Expiration Time”).

On December 1, 2020, the Company purchased $259,147,000 aggregate principal amount of Notes that were tendered at or prior to 5:00 p.m., New York City time on Monday, November 30, 2020 (the “Early Tender Time”). On December 15, 2020, the Company was advised by Global Bondholder Services Corporation, as Depositary for the Tender Offer, that after the Early Tender Time and at or prior to the Expiration Time, no additional notes were tendered in the Tender Offer.

About Rackspace Technology

Rackspace Technology is a leading end-to-end multicloud technology services company. We design, build and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies.

Rackspace Technology Safe Harbor Statement

Some of the statements in this news release constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. The forward-looking statements made in this release reflect the Company’s intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control. Known risks include, among others, the risks included in Rackspace Technology, Inc.’s filings with the U.S. Securities and Exchange Commission. Because actual results could differ materially from the Company’s intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained in this press release with caution. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

IR Contact

Joe Crivelli
Rackspace Technology Investor Relations
IR@rackspace.com

PR Contact

Natalie Silva
Rackspace Technology Corporate Communications
publicrelations@rackspace.com

FAQ

What is the final result of Rackspace Technology's tender offer for RXT?

Rackspace Technology has successfully completed its tender offer, purchasing $259,147,000 of its 8.625% Senior Notes due 2024.

When did the tender offer for RXT Senior Notes expire?

The tender offer for Rackspace Technology's Senior Notes expired at 12:00 midnight, New York City time, on December 14, 2020.

How much of the Senior Notes did Rackspace Technology buy back?

Rackspace Technology purchased $259,147,000 aggregate principal amount of Senior Notes in the tender offer.

Did any additional notes get tendered after the early tender time for RXT?

No additional notes were tendered after the Early Tender Time on November 30, 2020.