Standard Parking (STAN) Announces $60 Million Increase in Stock Buyback Program, Increased $210 Million Senior Credit Facility
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Standard Parking Corporation (Nasdaq: STAN) announced that it has entered into an amended and restated senior credit agreement. The $210 million revolving facility, which has been provided by a group of six banks, represents a commitment increase of $75 million. The amended facility will mature five years from now, in July 2013.
Standard Parking also announced that its Board of Directors has approved a $60 million increase in its stock repurchase authorization. As of June 30, 2008, the Company had $10 million remaining under its authorization prior to the increase.
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