Standard Parking gets $200 million revolver, $250 million term loan

By Angela McDaniels

Tacoma, Wash., Oct. 2 - Standard Parking Corp. entered into a $450 million senior secured credit facility due Oct. 2, 2017 on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The facility consists of a $200 million revolving credit facility and a $250 million term loan.

The revolver has a $100 million sublimit for letters of credit.

The SEC filing did not disclose pricing information. Price talk was Libor plus 325 basis points with a 40 bps unused fee for the revolver and Libor plus 325 bps for the term loan.

Bank of America, NA is the administrative agent. Wells Fargo Bank, NA and JPMorgan Chase Bank, NA are the syndication agents. U.S. Bank NA, First Hawaiian Bank and General Electric Capital Corp. are the documentation agents. Bank of America Merrill Lynch, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC, are the lead arrangers and bookrunners.

The entire term loan was drawn at closing and is subject to scheduled quarterly amortization payments of $22.5 million in the first year, $22.5 million in the second year, $30 million in the third year, $30 million in the fourth year and $37.5 million in the fifth year. Standard Parking also borrowed $72.8 million under the revolver at closing.

The company entered into the facility in connection with its acquisition of Central Parking Corp., which closed on Tuesday. Proceeds were used to repay outstanding debt of both companies and will also be used to fund ongoing working capital and general corporate purposes.

Under the terms of the credit agreement, Standard Parking must maintain a maximum ratio of consolidated total debt-to-EBITDA of 4.5 times and a minimum consolidated fixed-charge coverage ratio of 1.25 times. These covenants are subject to step-downs and step-ups, respectively.

Standard Parking repaid and terminated its prior credit agreement dated July 15, 2008 with Bank of America as administrative agent.

Standard Parking is a Chicago-based provider of parking facility management, ground transportation and other ancillary services. Central Parking is a Nashville-based parking management company.

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