Central Parking Announces Amendment to Debt Agreement

Central Parking System, Inc. (Central Parking), the nations largest parking management company, today announced that the Company finalized an amendment to its debt agreement, effective December 24, 2009.
Among other things, the amendment modified the financial covenant beginning for the quarter ending December 31, 2009 through 2012. The Company has always been in compliance with its financial covenant and has enjoyed strong liquidity enabling the Company to retire over forty-five (45%) percent of the outstanding debt since the end of its fiscal year 2007. The Amendment reflects the proactive steps the Company is taking to ensure the financial flexibility to continue to invest in and grow its business.

The amended debt agreement, combined with the cash generative nature of the business, provides the Company with an enhanced ability to grow organically and through acquisitions. It also enables the acceleration of investments in a number of strategic development and technological initiatives that are in various stages of process. All of these measures will serve to enhance Central Parkings service to its clients and customers.

Emanuel J. Eads, Central Parkings President and Chief Executive Officer, said, This amendment gives us plenty of additional runway to navigate the current environment and provides the core financing we need to take advantage of the markets as they begin to rebound. Mr. Eads continued, We are actively seeking to leverage our expertise to expand the business, and the flexibility that this amendment provides will help facilitate those efforts.

About Central Parking System

Central Parking System is the nations leader in professional parking management. With offices in most major metropolitan areas in the United States, the Company operates approximately 2,400 parking facilities containing more than 1.1 million spaces. The Companys clients include some of the nations largest owners and operators of mixed-use projects, office buildings, hotels, stadiums and arenas as well as airports, hospitals and municipalities.
Central Parking System
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