Central Parking Corporation Completes Favorable Repricing of Term Loan

Central Parking Corporation today announced that it has completed a repricing of the seven-year, $175 million term loan component of its senior credit facility. The current balance on the term loan is $164 million and the interest pricing has been reduced by 75 basis points.
Central_Parking_Corp.jpgThe Company estimates that the repricing will reduce annual interest expense by more than $1 million, based on current interest rates.

The revised term loan continues to contain customary covenants, including those that require the Company to maintain certain financial ratios, restrict further indebtedness, limit the amount of dividends paid and restrict acquisitions. The loan continues to be secured by the stock of certain subsidiaries of the Company and certain real estate and personal property assets of the Company and its subsidiaries.

"By reducing the interest rate, our bank group has expressed confidence in our overall credit worthiness," said Mark Shapiro, Senior Vice President and Chief Financial Officer. "In the first two quarters of 2004, we have reduced total indebtedness by more than $61 million, and with continued financial improvement, we have the potential to reduce the interest rate by an additional 25 basis points. Our fixed-rate debt instruments and existing floating-to-fixed swaps effectively set two-thirds of our long-term debt at fixed rates, thus reducing our exposure to rising interest rates. With the opportunity ahead for further rate spread reductions, we will continue to focus on improving operations, controlling expenses and reducing debt."

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading global provider of parking and transportation management services. The Company operates approximately 3,700 parking facilities containing more than 1.6 million spaces at locations in 38 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Mexico, Chile, Peru, Colombia, Venezuela, Germany, Switzerland, Poland, Spain and Greece.

This press release contains projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission.
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Central Parking Corporation
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