Rackspace technology announces refinancing transactions, significantly reducing debt and securing new money investment

Company to receive $275 million of new money to advance key strategic initiatives company to launch public exchange offer to all existing term loan lenders and secured note holders san antonio, march 12, 2024 (globe newswire) -- rackspace technology ® (nasdaq: rxt), (“rackspace” or the “company”), a leading end-to-end hybrid, multicloud, and ai solutions company, today announced that it has closed a private debt exchange (the “private exchange”) with certain of its creditors representing more than 72% of the company's first lien term loans and more than 64% of its first lien notes, as well as 100% of its revolving credit facility (“rcf”) commitments.  through the private exchange, rackspace has eliminated more than $375 million of net debt and has received $275 million of new money (the “new money financing”) that will come to the balance sheet as additional liquidity to advance key strategic initiatives.
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