UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section l3 and l5(d) of the
Securities Exchange Act of l934
August 1, 2006
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Date of report (date of earliest event reported)
STANDARD PARKING CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
000-50796 16-1171179
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(Commission File Number) (IRS Employer Identification No.)
900 N. Michigan Avenue, Suite 1600, Chicago, Illinois 60611
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(Address of Principal Executive Offices) (Zip Code)
(312) 274-2000
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Section 1---Registrant's Business and Operations
Item 1.01. Entry into a Material Definitive Agreement.
On August 1, 2006, we entered into a interest rate cap transaction with
LaSalle Bank National Association ("LaSalle"), allowing us to limit our exposure
on a portion of our borrowings under the Credit Agreement ("Rate Cap
Transaction"). Under the Rate Cap Transaction, we will receive payments from
LaSalle each quarterly period to the extent that the prevailing three month
LIBOR during that period exceeds our cap rate of 5.75%. The Rate Cap Transaction
(attached to this Form 8-K as Exhibit 10.1) caps our LIBOR interest rate on a
notional amount of $50 million at 5.75% for a total of 36 months in exchange for
a one-time payment of $300,000. The Rate Cap Transaction is effective August 4,
2006, and will settle each quarter on a date that is intended to coincide with
our quarterly interest payment dates on our LIBOR contracts.
The foregoing summary is subject in all respects to the actual terms of the
Rate Cap Transaction, a copy of which is attached as Exhibit 10.1 to this form
8-K.
SECTION 9---Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
10.1 Rate Cap Transaction Agreement dated as of August 1,
2006 by and among LaSalle and the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
STANDARD PARKING CORPORATION
Date: August 4, 2006 By: /s/ G. Marc Baumann
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G. Marc Baumann,
Chief Financial Officer
INDEX TO EXHIBITS
EXHIBIT DESCRIPTION OF EXHIBIT
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10.1 Rate Cap Transaction Agreement date as of August
1, 2006 by and among LaSalle and the Registrant.