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The Fresh Market moves forward with IPO
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The Fresh Market eyes initial public offering
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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.