APCOA/Standard Parking Announces Expiration of Exchange Offer.Business Editors CHICAGO--(BUSINESS WIRE)--Jan. 9, 2002 APCOA/Standard Parking, Inc. ("APCOA/Standard Parking") announced today that the tender period for its unregistered $50.0 million (with a minimum of $45.5 million and a maximum of $65.0 million) exchange offer with holders of its outstanding 9 1/4% Senior Subordinated Notes due 2008 ("9 1/4% Notes") and its solicitation of consents to certain proposed amendments to the indenture governing the 9 1/4% Notes (the "Proposed Amendments") has expired. APCOA/Standard Parking received tenders of approximately $91.1 million in aggregate principal amount of 9 1/4% Notes and the required consents to effect the Proposed Amendments. Tendering holders of APCOA/Standard Parking's 9 1/4% Notes who tendered for APCOA/Standard Parking's new 14% Senior Subordinated Second Lien A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the Notes due 2006 ("14% Notes") will receive $1,056.36 principal amount of 14% Notes for each $1,000 of principal amount of 9 1/4% Notes. The aggregate amount of 14% Notes issued will be approximately $59.3 million. Holders of 9 1/4% Notes also tendered for an aggregate 3,500 shares of APCOA/Standard Parking's 18% Senior Convertible Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Holders of 9 1/4% Notes who tendered their 9 1/4% Notes for 14% Notes will pay $356.36 to APCOA/Standard Parking per $1,000 of principal amount of 9 1/4% Notes tendered by such holder. This amount must be wired to the Exchange Agent or delivered to the Exchange Agent in the form of a certified check A written order made by a depositor to a bank to pay a certain sum to the person designated—the payee—which is marked by the bank as "accepted" or "certified," thereby unconditionally promising that the bank will pay the order upon its by noon, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Thursday, January 10th. Alternatively, funds may be transmitted through the Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Trust Company's Automatic Tender Offer Program. APCOA/Standard Parking intends to use the $20.0 million of cash proceeds to, among other things, increase liquidity, deleverage its balance sheet, pay fees and expenses related to the offering and reduce its cash interest expense. The securities issued in the exchange offer were not registered under the Securities Act of 1933, as amended, and may not be sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from registration requirements. APCOA/Standard Parking has approximately 13,700 employees and manages more than 1,950 airport and urban parking facilities in over 260 cities spanning 43 states and three Canadian provinces Noun 1. Canadian province - Canada is divided into 12 provinces for administrative purposes province, state - the territory occupied by one of the constituent administrative districts of a nation; "his state is in the deep south" . The foregoing contains certain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " which are based on management's beliefs as well as on a number of assumptions concerning future events made by, and information available to, management. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc any improvement in our liquidity. Although APCOA/Standard Parking believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate and, therefor there·for adv. For that: ordering goods and enclosing payment therefor. Adv. 1. therefor , there can be no assurance that the forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by APCOA/Standard Parking or any other persons that the objectives and plans of APCOA/Standard Parking will be achieved. APCOA/Standard Parking disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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