Key facts
- Rackspace Technology secured a data center deal with AWD.
- The company's $1.6 billion loan experienced a significant increase in value.
- This event continues a positive trend for Rackspace's debt, which had previously been trading at distressed levels.
Rackspace Technology, a cloud-computing services provider supported by Apollo Global Management, has experienced a notable increase in the valuation of its $1.6 billion loan. This positive movement follows the company's announcement of a new data center agreement with AWD. The deal has contributed to an ongoing rally in Rackspace's debt, which had previously been trading at significantly distressed levels, indicating a potential improvement in market sentiment towards the company's financial standing.