Standard Parking closes 6.6M offering

AP News
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Posted: Nov 16, 2009 5:09 PM

Standard Parking Corp. said Monday it closed its previously disclosed secondary offering of 6.6 million shares of its common stock priced at $16 each.

The offering was made by GSO Special Situations Fund LP, GSO Special Situations Overseas Master Fund Ltd., GSO Special Situations Overseas Benefit Plan Fund Ltd., GSO Capital Opportunities Fund LP and CML VII, LLC.

Shares sold represent roughly 43 percent of Standard Parking's common stock outstanding. The sale also reduced the selling stockholders' collective ownership to 6 percent from 49 percent.

Standard Parking said it did not receive any proceeds from the offering.

Credit Suisse Securities LLC and William Blair & Company LLC acted as joint book-running managers and underwriters for the offering. The underwriters have a 30-day option to buy an additional 988,936 shares.

Standard Parking fell 15 cents to $15.91 in after-hours trading, after adding 28 cents to close at $16.06.