SP Plus amends ‘change of control’ definition under facility due 2020

By Tali Rackner

Norfolk, Va., May 1 – SP Plus Corp. amended its amended and restated credit agreement on due Feb. 20, 2020 Wednesday to amend the definition of “change of control,” according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, the following clause was removed: “(excluding, in the case of both clause (b) and clause (c), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors).”

Bank of America, NA is the administrative agent, an issuing lender and swingline lender; Wells Fargo Bank, NA is an issuing lender and syndication agent; U.S. Bank NA, First Hawaiian Bank and BMO Harris Bank NA are co-documentation agents; and Merrill Lynch, Pierce, Fenner & Smith Inc., Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are joint lead arrangers and bookrunners.

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

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