APCOA/Standard Parking offers to exchange 9 ¼% senior subordinated notes

New York, Nov. 21 - APCOA/Standard Parking, Inc. announced an offer to exchange its outstanding 9¼% senior subordinated notes due 2008.

The Chicago-based parking company will offer holders either $50 million of new 14% senior subordinated second lien notes due 2006 or new 18% senior convertible redeemable preferred stock. Holders who opt for the 14% notes will have to make an additional cash payment to APCOA/Standard Parking. The company will issue between $45.5 million and $65 million of the new 14% notes.

APCOA/Standard Parking expects to receive $21 million of cash proceeds from the exchange offer. This will be used to increase liquidity, deleverage the company's balance sheet and reduce cash interest expense.

If the size of the exchange is changed - within the set range of $45.5 million to $65 million - the amount of cash bondholders will pay will change.

APCOA/Standard Parking is also soliciting consents from holders of the 9¼% notes to modify financial and restrictive covenants.

Further details of the exchange could not be obtained by press time.

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