Standard Parking Corporation Announces Amendment and Price Reduction of 25 Basis Points in Its Credit Facility

CHICAGO (BUSINESS WIRE) -- Standard Parking Corporation (NASDAQ:STAN), one of the nation's largest providers of parking management services, today announced that it has completed an amendment and repricing of its Credit Agreement. The amendment reduces the interest pricing of its Libor Margin, Base Rate Margin and its Letter of Credit Fee Rate by 25 basis points across the entire interest rate pricing grid in its Credit Agreement. Net of the amortization of deferred finance costs, the Company anticipates that the repricing will improve earnings by approximately $.01 per share over the remainder of fiscal year 2005.
standard_parking.jpgIn addition, the Credit Agreement has been amended to permit the Company to repurchase shares of its common stock during 2005 for a value not to exceed $6 million provided that the Company meets certain financial tests. The share repurchase will be comprised of open-market transactions and purchases from Steamboat Industries LLC, the Company's majority shareholder. The Company and Steamboat have entered into an agreement for the Company to purchase from Steamboat shares equal to Steamboat's pro-rata ownership at the same price that the Company pays in each open-market purchase.

James A. Wilhelm, the Company's President and Chief Executive Officer said, "We are pleased that our lenders have recognized the Company's strong performance since we completed our IPO last year, as well as our expectations for 2005. We believe that our lenders' action in reducing the credit facility pricing this soon after the IPO and supporting our Board's decision to authorize the repurchase of our common stock demonstrates their clear commitment to our shareholders, the Board and the Company."

Standard Parking is a leading national provider of parking facility management services. The company provides on-site management services at multi-level and surface parking facilities for all major markets of the parking industry. The company manages approximately 1,900 parking facilities, containing over one million parking spaces in close to 300 cities across the United States and Canada. In addition, the company manages parking-related and shuttle bus operations serving more than 60 airports.

More information about Standard Parking is available at www.standardparking.com. Standard Parking's 2003 annual report filed on Form 10-K, its periodic reports on Form 10-Q and 8-K and its Registration Statement on Form S-1 (333-112652) are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the Company's website.
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