Exhibit 99.1
APCOA/STANDARD PARKING
900 North Michigan
Suite #1600
Chicago, Illinois 60611
(312) 274-2000
FOR IMMEDIATE RELEASE
Contact: Marc Baumann
Chief Financial Officer
(312) 274-2199
APCOA/STANDARD PARKING ANNOUNCES
EXPIRATION OF EXCHANGE OFFER
CHICAGO, IL, January 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 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. 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 by noon, New York City time, on Thursday, January 10th.
Alternatively, funds may be transmitted through the Depository 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
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" 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 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 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.