Rackspace Hosting offers $350 million senior notes due 2024

By Paul A. Harris

Portland, Ore., Nov. 9 – Rackspace Hosting, Inc. plans to sell $350 million of senior notes due 2024 (Ba1/BB+) via Rule 144A and Regulation S, according to a market source.

The San Antonio-based managed cloud computing company plans to use the proceeds to repay all outstanding amounts under its senior revolving credit facility and for general corporate purposes, which may include share repurchases under its previously announced $1 billion share buyback authorization.

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