Standard Parking increases credit facility to $135 million

New York, June 29 - Standard Parking Corp. said it amended and restated its senior credit agreement, increasing the size to $135 million, $45 million more than previously.

The changes also cut the interest rate margin and letter of credit fee by 50 basis points.

"In addition to providing more favorable pricing and an extended maturity date, the increased facility will afford added financial flexibility and allow us to eliminate the balance of our high-yield debt," said Marc Baumann, the company's executive vice president and chief financial officer, in a news release.

"We are also very pleased that all of our existing participant banks will remain lenders under this amended facility, reflecting their continued support of our business. In addition, we have added new banks with which we have long-term working relationships, and look forward to working with them as lenders."

The Chicago-based manager of parking facilities also announced it will redeem its $48.9 million of 9¼% senior subordinated notes.

Standard Parking expects to improve earnings by 4 cents per share for the remainder of fiscal 2006 and 7 cents per share on an annual basis at current interest rates.

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