Central Parking Announces Extension of and Amendments to Debt Facilities

Central Parking Corporation (Central Parking), the nations largest parking management company, today announced that the Company has entered into a Second Amendment to its operating companys First Lien Credit and Guarantee Agreement, effective August 13, 2010. This amendment provided for a waiver of the June 30, 2010 financial covenant and modification of future financial covenants, as well as certain other changes. Going forward, this amendment will provide the Company with the financial flexibility and liquidity that it has enjoyed to-date. 
 In addition to the amendment to the operating company debt  agreement, the Company has executed a two-year extension through June 2012 of its property companys debt, which is secured by real property owned by the property company. The extension, by way of the Third Amendment to the Loan Agreement and Promissory Note and the Fourth Amendment to the Mezzanine Loan Agreement and Promissory Note, will allow the Company to execute its plans for its owned real property.

John Hill, Senior Vice President and Chief Financial Officer commented, Together, these three amendments of the Companys credit facilities, which represent all of the outstanding debt of the Company, ensure ongoing liquidity and financial flexibility for Central Parking, as well as demonstrates the support of the lenders and investors of our strategic direction and business plans.

Jim Marcum, Central Parkings President and Chief Executive Officer, since February, 2010, said, This was an important step in facilitating Central Parkings strategic plans for the future. Mr. Marcum continued, With these amendments, along with the support of our equity investors, we are well positioned to execute our growth strategies, through both organic activities and strategic acquisitions. In addition, we are focused on taking advantage of what appears to be improving market conditions and are accelerating our investment in a number of technological and organizational enhancements. All of these measures will serve to enhance Central Parkings ability to continue to provide best in class service to our clients and customers. 

About Central Parking

Central Parking is a leader in parking management and marketing, serving large and small property owners, infrastructure funds and governmental clients to maximize service, revenue and value in all geographies and service sectors including: mixed-use developments, office buildings, hotels, stadiums and arenas, airports, hospitals, universities and municipalities. With offices in most major metropolitan areas in the United States, the Company operates approximately 2,300 parking facilities containing 1.1 million spaces and its service brands include: Central Parking System, USA Parking, CPS Parking and New South Parking.
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