Central Parking Finance Trust, 5 1/4% Convertible Trust Preferred Securities (CRLKP)
OTOTC · · CUSIP 154787303
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Security Details

Coupon Rate
5.25%
Liquidation Preference
$25.00
Call Price
$25.38
Call / Redemption Date
4/3/2003
Maturity Date
4/1/2028
Distribution Period
Q
Rate Type
Fixed
Annual Distribution
1.31
Distribution Dates
1/1, 4/1, 7/1 & 10/1
Credit Ratings
Moody's WR · S&P NF (6/15/2025)
Conversion
0.4545 @ $55.00
Tax-Advantaged Dividends
No

Security Profile

Security Type
Traditional Convertible Preferred Stock »
CUSIP
154787303
Market Cap
Micro Cap
IPO
3/18/1998 · $25.00/share
Parent Company
Central Parking Corp. (CPC*)
Business: Central Parking Finance Trust, 5 1/4% Convertible Trust Preferred Securities, liquidation amount $25 per share, guaranteed by Central Parking Corp. (NYSE: CPC), redeemable at the issuer's option on or after 4/03/2001 at $25.75 per share which declines to $25 per share on or after 4/03/2005 (see schedule on page 36 of the prospectus) plus accrued and unpaid dividends, and maturing 4/01/2028. <p> Distributions of 5 1/4% ($1.3125) per annum are paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the 15th day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> The preferred shares are convertible any time at the holder's option into 0.4545 common shares of Central Parking Corp. (NYSE: CPC), an initial conversion price of $55.00 per common share. <p> The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (but not beyond the maturity date). <p> The trust's assets consist of the 5 1/4% Junior Subordinated Deferrable Interest Convertible Debentures due 4/01/2028 which were purchased from the company using the funds generated from the sale of the convertible trust preferred securities. See the IPO prospectus for further information on the convertible trust preferred securities and their conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below. The 5 1/4% Convertible Preferred was originally issued as a private placement on 3/18/1998.
Notes: 9/29/2015 -- A QOL user has informed us the company is buying back these bonds at a 20% discount. We can find no information to confirm or deny that information. ____________ May 22, 2007 -- Central Parking Corporation (NYSE:CPC) today announced the completion of its previously announced merger with an affiliate of Kohlberg & Company, LLC, Lubert-Adler Partners, L.P., and Chrysalis Capital Partners, L.P. The shareholders of Central Parking voted to approve the proposed merger agreement that the company entered into on February 20, 2007 at a special meeting held on May 21, 2007. Holders of approximately 28.4 million shares of Central Parking voted in favor of approving the merger agreement and the transactions contemplated thereby, representing approximately 88% of Central Parking’s total outstanding voting shares and over 99% of the total votes cast. As a result of the transaction, each issued and outstanding share of Central Parking common stock was cancelled and converted automatically into the right to receive $22.53 in cash, without interest. Effective as of today, Central Parking’s stock will no longer be listed for trading on the New York Stock Exchange and trading will be suspended prior to market open Wednesday, May 23, 2007. Shareholders of Central Parking who have stock certificates in their possession will receive instructions by mail from Computershare Shareholder Services, Inc., the paying agent, concerning how to forward their certificates for payment. Shareholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash as such conversions will be handled by the bank or broker.

Company Contact

CEO
William J. Vareschi, Jr.
CFO
Hiram A. Cox
Headquarters
2401 21st Avenue South, Suite 200, Nashville, TN 37212
Phone
615-297-4255
Fax
615-297-6240
Investor Relations
William J. Vareschi, Jr. · 615-297-4255 · bvareschi@parking.com
General Email
rharvey@parking.com
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