APCOA/Standard Parking Completes Exchange Offer and Recapitalization.Business Editors CHICAGO--(BUSINESS WIRE)--January 14, 2002 APCOA/Standard Parking, Inc. ("APCOA/Standard Parking") announced today that it has completed an unregistered exchange unregistered exchange A securities exchange that has been exempted from registration by the SEC. Unregistered exchanges are generally quite small and trade local issues in moderate volume. The Honolulu Stock Exchange is unregistered. offer with holders of its outstanding 9 1/4% Senior Subordinated Notes due 2008 ("9 1/4% Notes"). APCOA/Standard Parking received gross proceeds of $20.0 million and retired approximately $91.1 million of its outstanding 9 1/4% Notes, while issuing $59,285,000 of its 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 and 3,500 shares of its 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. . 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 exchange offer 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. 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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