Rackspace Technology Announces Increase to Late Exchange Consideration for Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

SAN ANTONIO, March 29, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology (NASDAQ: RXT) (“Rackspace” or the “Company”), a leading end-to-end hybrid, multicloud, and AI technology solutions company, today announced that its indirect subsidiary Rackspace Finance, LLC (the “New Issuer”) is amending the terms of its previously announced offer (the “Amendment”) 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 Rackspace’s 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 (the “New FLFO Term Loans”) of the New Issuer, in each case, subject to the terms and conditions of the offering memorandum dated March 14, 2024 (as supplemented or otherwise modified from time to time, the “Offering Memorandum”).

Pursuant to the Amendment, holders who validly tender (and do not validly withdraw) their Existing Secured Notes at or prior to the Expiration Time will be eligible to receive the “Late Exchange Consideration” summarized in the table below, which reflects an increase from the Late Exchange Consideration set forth in the Offering Memorandum. Pursuant to the Amendment, the Expiration Time will now be 5:00 p.m., New York City time, on April 12, 2024. The Final Settlement Date is expected to occur on April 16, 2024 (the second business day after the Expiration Time). Other than as set forth in this paragraph, all other terms and conditions of the Exchange Offer remain as set forth in the Offering Memorandum.

CUSIP Numbers(1)		Early Exchange Consideration for each $1,000 Principal Amount of Existing Secured Notes Tendered on or Prior to the Early Participation Time				Late Exchange Consideration for each $1,000 Principal Amount of Existing Secured Notes Tendered After the Early Participation Time
		With respect to $700 Principal Amount of Existing Secured Notes		With respect to $300 Principal Amount