Central Parking looks to cut B loan pricing and size, increase revolver size

By Sara Rosenberg

New York, Jan. 4 - Central Parking Corp. is looking to reprice its term loan B, reduce its term loan B size and upsize it revolver, according to a market source.

Bank of America is the lead bank on the deal.

The company wants to lower pricing on its term loan B to Libor plus 200 basis points from Libor plus 250 basis points and reduce the size to $100 million from approximately $150 million, the source said. During this past summer, the company reduced the interest rate on the B loan by 75 basis points.

The company also wants to increase its revolver to $220 million from $175 million, the source added.

Central Parking is a Nashville, Tenn., provider of parking and transportation management services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.