Central Parking Corp. (CPC) said Tuesday that its lenders, led by Bank of America, have signed off on an amended credit agreement made necessary by the Nashville company's recently weakened financial performance.
On its $350 million senior secured credit facility, consisting of a $175 million five-year revolving facility and a $175 million term loan, Central Parking will pay additional interest of 25 basis points when its leverage ratio exceeds certain levels.
"We are pleased with the cooperation of Bank of America, our agent bank, and the other lenders in the bank group, in finalizing this agreement under terms that are very satisfactory to Central Parking," Monroe Carell, chairman and CEO, said in a release.
The company operates roughly 3,900 parking facilities containing more than 1.6 million spaces.
Central Parking shares were up 43 cents to $14.35 shortly before the close of trading Tuesday. Their 52-week range is $8.13-$24.10.
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