Rackspace Technology Global Announces Pricing of $550 Million Notes Offering
Rackspace Technology has priced its offering of $550 million aggregate principal amount of 5.375% Senior Notes due 2028 at an issue price of 100.000%. The closing is anticipated on December 1, 2020, pending customary conditions. The proceeds will refinance the 8.625% Senior Notes due 2024 and cover related expenses. The offering targets qualified institutional buyers and will not be registered under U.S. law. Rackspace Technology offers comprehensive multicloud technology services designed to optimize cloud environments for its clients.
- Pricing of $550 million in Senior Notes at 5.375% could lower interest expenses compared to existing higher-rate notes.
- Refinancing of 8.625% Senior Notes due 2024 may lead to improved financial stability.
- The offering is limited to qualified institutional buyers, potentially restricting broader investor access.
SAN ANTONIO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Rackspace Technology Global, Inc. (the “Company”) today announced that it has priced its offering of
The Company intends to use the net proceeds from the offering, together with cash on hand, to fund the refinancing of all of the Company’s outstanding
The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
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.
Contact
Natalie Silva
Rackspace Technology Corporate Communications
publicrelations@rackspace.com
Joe Crivelli
Rackspace Technology Investor Relations
ir@rackspace.com
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