'New chapter' as Metro Bank secures financing package

Discount on equity and debt deals

James Baxter-Derrington
clock • 3 min read

Metro Bank has secured a financing package with investors to shore up the lender’s balance sheet, which has resulted in Spaldy Investments becoming the controlling shareholder.

According to a regulatory filing, the bank has secured a £325m capital raise, split between £150m of new equity and a £175m MREL issuance, combined with a £600m debt refinancing. The equity raise was offered at a significant discount to the bank's share price, with shares issued at 30p, set to complete in Q4 2023, subject to shareholder approval. Spaldy Investments, Metro Bank's largest shareholder, is set to become its controlling shareholder as it leads the equity raise with a contribution of £102m, pushing its holding from 9.2% to c.53%. Metro Bank under BoE and Treasury scrutin...

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