Rackspace refinancing nearly $2.9B in debt
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Kevin Jones most recently served as CEO of MV Transportation, the country’s largest privately-owned transportation contracting firm.Courtesy of Rackspace
San Antonio cloud-computing company Rackspace Technology Inc. is taking advantage of low interest rates and refinancing nearly $2.9 billion in debt.
The company outlined the plan in a Securities and Exchange Commission filing on Tuesday.
Rackspace is looking to use proceeds from a new $2.2 billion term loan, along with an additional $650 million in debt, “to repay all borrowings outstanding under the Company’s existing term loan facility,” according to the filing.
The firm incurred around $3.5 billion in debt at roughly 8 percent interest in its 2016 leverage buyout by Apollo Global Management, according to Karan Bhanot, finance department chairman and professor at University of Texas at San Antonio.
from the Securities and Exchange CommissionThe Securities and Exchange Commission updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 28 soliciting entities, three impersonators of genuine firms, and six bogus regulators.
Wednesday, January 20, 2021
On 22 December 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments (the final rule) to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of investment adviser advertising and solicitation practices.
1 Rule 206(4)-1 was the SEC’s first antifraud rule governing the activities of investment advisers, and in many respects, it remains the most important. This action represents the first substantive amendments to the rule since its adoption in 1961 and will have vast implications for the compliance and business practices of nearly every investment adviser in the United States.
Citing the need to address evolving marketing practices in light of advancements in technology and changes within the asset management industry, the SEC elected to replace the current versions of Rule 206(4)-1 (the advertising rule) and Rule 206(4)-3 (the solicitation rule) with a single “Marketin