Rackspace Technology
At Rackspace Technology, we are the multicloud solutions experts. Our technical acumen with the world’s leading technologies and multicloud environments — across your applications, data and security — enables you to grow your business, increase efficiency and deliver the future.
Key facts
| CAGE Code | 86BS2 |
|---|---|
| Legal Name | RACKSPACE HOSTING, INC. |
| Company Operating Status | Active |
| Full Address | Rackspace Technology 1 Fanatical Pl. City of Windcrest Сан-Антонио, Техас 78218 |
| Stock Symbol | RXT |
Capital structure
$10m total debt
| Instrument | Coupon | Maturity | Amount | Source |
|---|---|---|---|---|
| Letters of Credit Sub-Facility · Senior Unsecured | — | — | USD 10m | source ↗ |
Covenant analysis
| Covenant | Term | vs market | Source |
|---|---|---|---|
| Financial Reporting – Quarterly · Affirmative Covenant | Within 45 days after end of each of the first three fiscal quarters | source ↗ | |
| Required Guarantors · Affirmative Covenant | All Domestic Subsidiaries (other than Excluded Domestic Subsidiaries) must guarantee the Obligations | source ↗ | |
| Restriction on Restricted Payments · Negative Covenant | No Restricted Payment to non-Loan Parties unless: (i) no Default and (ii) Pro Forma Financial Tests satisfied | source ↗ | |
| Minimum Consolidated Fixed Charge Coverage Ratio · Financial Maintenance | ≥ 3.00x | tight 3x vs coverage median 1.7x (n=40) | source ↗ |
| Limitation on Indebtedness – General Basket · Negative Covenant | ≤ $250,000,000 plus 5% of Total Assets; sub-limit of $175,000,000 for non-Guarantor Subsidiaries | tight 5% vs basket median 20% (n=122) | source ↗ |
| Limitation on Liens – Other Liens Basket · Negative Covenant | ≤ 5% of Total Assets | tight 5% vs basket median 20% (n=122) | source ↗ |
| Maximum Consolidated Total Leverage Ratio · Financial Maintenance | ≤ 3.00x | tight 3x vs leverage median 4x (n=99) | source ↗ |
| Limitation on Indebtedness – Non-Guarantor Subsidiaries (Unsecured) · Negative Covenant | ≤ $100,000,000 aggregate principal | market $100m vs negative covenant median $137.5m (n=56) | source ↗ |
| Limitation on Indebtedness – Senior Notes · Negative Covenant | ≤ $500,000,000 aggregate principal | loose $500m vs negative covenant median $137.5m (n=56) | source ↗ |
| Limitation on Indebtedness – Sale and Leaseback · Negative Covenant | ≤ $150,000,000 aggregate | market $150m vs negative covenant median $137.5m (n=56) | source ↗ |
| Limitation on Indebtedness – Foreign Subsidiaries · Negative Covenant | ≤ $300,000,000 aggregate principal | market $300m vs negative covenant median $137.5m (n=56) | source ↗ |
| Subordinated Debt Prepayment Liquidity Test · Negative Covenant | Borrower and subsidiaries must have at least $100,000,000 of total liquidity (unrestricted cash + Cash Equivalents + unused Commitments) after prepayment | market $100m vs negative covenant median $137.5m (n=56) | source ↗ |
| Limitation on Liens – Foreign Subsidiary Secured Indebtedness · Negative Covenant | ≤ $250,000,000 | market $250m vs negative covenant median $137.5m (n=56) | source ↗ |
| Limitation on Asset Sales · Negative Covenant | Aggregate book value of disposals ≤ 20% of Total Assets per fiscal year for non-ordinary-course disposals | market 20% vs negative covenant median 20% (n=79) | source ↗ |
Contact details
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