Rackspace Technology

restructured

Software — Apollo Global Management

Deal Terms

Entry Year2016

Entry EV$4.3B

Entry Multiple10x

Leverage6x

Debt Amount$3.6B

Risk Metrics

LTV (est.)84%

Debt / EV0.84x

Notes

Apollo $4.3B LBO (2016). IPO'd in 2020 at $21/share — stock cratered to $1. Opex rose from 70% to 100%+ of revenue. $3.6B debt. Distressed debt exchanges in 2024 — lenders took haircuts. Revenue declining as cloud migration moved past managed hosting. Apollo's equity effectively zero.

Sponsor

Apollo Global Management$938B AUM