Metropolis gets $1.7 billion in financing for SP Plus acquisition

By Mary-Katherine Stinson

Lexington, Ky., Oct. 5 – Metropolis Technologies, Inc. obtained commitments for equity and debt financing totaling $1.7 billion to complete the acquisition of SP Plus Corp., according to an 8-K filing with the Securities and Exchange Commission.

The financing consists of $650 million of debt financing and $1.05 billion in series C preferred stock financing provided to Metropolis.

The $650 million of financing under the debt commitment letter is subject to several customary conditions, including the receipt of executed loan documentation, consummation of the merger and the equity contributions and other customary closing conditions.

These financing commitments are led by Eldridge and existing Metropolis investor 3L Capital, along with new investors including BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners and Temasek. Other existing investors are Slow Ventures and Assembly Ventures.

Metropolis will use the net proceeds to finance the acquisition of SP Plus, while retaining significant capital on its balance sheet.

Formerly Standard Parking Corp., SP Plus is a Chicago-based provider of parking management, ground transportation and other ancillary services.

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