13.04.2024 01:09:43 - dpa-AFX: GNW-Adhoc: Rackspace Technology Announces Final Results of the Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028
SAN ANTONIO, April 12, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology®
(https://www.rackspace.com/) (NASDAQ: RXT) ("Rackspace" or the "Company"), a
leading end-to-end hybrid, multicloud, and AI technology solutions company,
today announced the final results of the previously announced offer by its
indirect subsidiary Rackspace Finance, LLC (the "New Issuer"), 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 its 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
of the New Issuer, in each case, subject to the terms and conditions of the
offering memorandum dated March 14, 2024 (as amended by the Company's press
release dated March 29, 2024, the "Offering Memorandum"). The Exchange Offer
expired at 5:00 p.m., New York City time, on April 12, 2024 (the "Expiration
Time").
As of the Expiration Time, the New Issuer received from eligible holders valid
and unwithdrawn tenders, as reported by Epiq Corporate Restructuring, LLC (the
"Transaction Agent" or "Epiq"), the transaction agent, representing $138,427,000
in aggregate principal amount of Existing Secured Notes (or 75.9% of the
Existing Secured Notes outstanding prior to the commencement of the Exchange
Offer), which includes an additional $5,156,000 in aggregate principal amount of
the Existing Secured Notes validly tendered (and not validly withdrawn) since
March 28, 2024. The New Issuer expects to settle the Exchange Offer with respect
to such additional Existing Secured Notes on April 16, 2024.
About Rackspace Technology
Rackspace Technology (https://www.rackspace.com/) is a leading end-to-end
hybrid, multicloud, and AI solutions 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.
Forward-Looking Statements
The Company has made statements in this press release that are forward-looking
and therefore subject to risks and uncertainties. All statements, other than
statements of historical fact, included in this press release are, or could be,
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and are made in reliance on the safe harbor
protections provided thereunder. These forward-looking statements include
statements related to the Offers and the Company's ability to consummate the
Offers within the time period expected, or at all. Any forward-looking statement
made in this press release speaks only as of the date on which it is made. The
Company undertakes no obligation to publicly update or revise any forward-
looking statement, whether as a result of new information, future developments
or otherwise. Forward-looking statements can be identified by various words such
as "expects," "intends," "will," "anticipates," "believes," "confident,"
"continue," "propose," "seeks," "could," "may," "should," "estimates,"
"forecasts," "might," "goals," "objectives," "targets," "planned," "projects,"
and similar expressions. These forward-looking statements are based on
management's current beliefs and assumptions and on information currently
available to management. The Company cautions that these statements are subject
to risks and uncertainties, many of which are outside of its control, and could
cause future events or results to be materially different from those stated or
implied in this press release, including among others, risk factors that are
described in the Company's Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC,
including the sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" contained therein.
Media Contact
Natalie Silva
publicrelations@rackspace.com
Investor Relations Contact
Sagar Hebbar
ir@rackspace.com (https://www.globenewswire.com/Tracker?data=Flvtf-wugT-
cObBPe7OamicTzg4UqlVk3PCGWRiB61xiNUYs4zIzlzvujz40LkJ2qcLbpNvSk6sj4lI0F2JDHw==)
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