Blank Rome Represents PNC Bank, National Association, in Providing a $175M Revolving Credit Facility to Metropolis Technologies
Blank Rome represented PNC Bank, National Association, as administrative agent in providing a $175 million revolving credit facility to Metropolis Technologies, Inc., an artificial intelligence company whose computer vision platform enables checkout-free payment experiences, in its take private acquisition of SP Plus Corporation, the largest parking network and provider of mobility services for aviation, commercial, hospitality, and institutional clients in North America. The $175 million revolving credit facility is part of a $1.8 billion financing, which included $1.05 billion in preferred stock and a $550 million term loan. The acquisition was publicly announced in October 2023 and closed on May 16, 2024.
For more information on the transaction, please read: Metropolis Closes $1.8 Billion Financing and Completes Transformational Take-Private of SP Plus Corporation.
The Blank Rome team was led by Kevin M. O’Malley, Michael C. Graziano, and Lawrence F. Flick, with assistance from Mark I. Rabinowitz, Hagop P. Nazarian, Narbeh Grigorian, Terry Dawson Gray, and Helen Panneck.