Rackspace Technology’s $600 Million Cash Tender Offer


Davis Polk advised the dealer manager, Citigroup Global Markets Inc., on the deal.

Rackspace Technology Global, Inc., an indirect subsidiary of Rackspace Technology, Inc., executed a cash tender offer for up to $600 million aggregate principal amount of Rackspace Technology Global, Inc.’s outstanding 8.625% senior notes due 2024.

Rackspace Technology is a leading end-to-end multicloud technology services company. Rackspace Technology designs, builds and operates its customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. Rackspace Technology partners with its customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies.

The Davis Polk corporate team advising the dealer manager included partners Michael Kaplan (Picture) and Emily Roberts and associates Beth LeBow and Paula Gergen. Partner Mario J. Verdolini and associate Eitan Ulmer provided tax advice.

Involved fees earner: Paula Gergen – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Beth LeBow – Davis Polk & Wardwell; Emily Roberts – Davis Polk & Wardwell; Eitan Ulmer – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Citigroup Global Markets Ltd;

Author: Ambrogio Visconti