Rackspace Technology begins tender offer for 8 5/8% notes due 2024

By Cady Vishniac

New York, Nov. 16 – Rackspace Technology Global, Inc. has begun a tender offer to purchase is 8 5/8% senior notes due Nov. 15, 2024 (Cusips: 45332JAA0, U45083AA7), according to a news release.

Holders whose validly tendered notes are accepted by the 5 p.m. ET Nov. 30 early tender deadline are eligible to receive $1,045 for $1,000 face amount of notes, which includes an early tender payment of $30 for each $1,000 principal amount validly tendered and accepted.

Holders who validly tender their notes after the deadline but before the offer expires will receive $1,015 per $1,000 of notes.

The offer expires at midnight ET on Dec. 14.

Payment will be made on or about Dec. 1 for notes validly tendered and accepted before the early tender deadline and on or about Dec. 16 for other validly tendered notes.

Tenders may be withdrawn at any time prior to the early tender deadline.

Rackspace has also issued notice that it will redeem any notes not purchased in the tender offer at a price of 104.313 of the principal amount, plus accrued and unpaid interest up to but excluding the redemption date of Dec. 16, subject to the completion of the potential offering of new notes.

Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) will act as the dealer manager for the offer. Global Bondholder Services Corp. (212 430-3774, 866 470-3900) will act as the information agent and the depositary.

Rackspace Technology Global is a San Antonio-based multi-cloud managed services.

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