From the Wires
IAP Worldwide Services Completes Amend and Extend Process
By: PR Newswire
Dec. 10, 2012 11:15 AM
CAPE CANAVERAL, Fla., Dec. 10, 2012 /PRNewswire/ -- IAP Worldwide Services, Inc. ("IAP" or the "Company") completed its credit agreement amendment and extension on November 2, 2012. Throughout the amendment and extension process, the Company continued to fully operate and perform to customers' complete satisfaction and comply with its financial and contractual obligations.
There are many positive elements associated with amended and extended credit agreements. The benefits include a three year extension of debt maturities, increased revolving credit facility commitments that further bolster IAP's liquidity position, a reset of financial covenants, and added flexibility related to joint venture investments and capital expenditures. The changes to the credit agreements help position IAP for the future. The agreement is a reflection of the confidence the lender group and equity investors have in the IAP management team.
On November 29, 2012, Standard & Poor's ("S&P") issued a research update which in the short term downgraded IAP's Corporate Credit Rating. The change in credit rating was part of S&P's normal process, and was a standard response to the revised credit agreement. It is not a reflection of IAP's liquidity or ability to transact business in the future. As stated in the update, S&P expects to reassess IAP's Corporate Credit Rating over the next few weeks, and S&P expects the review to result in an improved rating.
IAP Worldwide Services, Inc. is a leading international contractor providing global mission support for commercial industries, the Department of Defense, and other U.S. government agencies. The Company's core business competencies include facility management; base operations; logistics and contingency operations; emergency/disaster response; and professional, scientific, health, environmental and technical services.
IAP's corporate headquarters is located in Cape Canaveral, Florida, and the Company operates in over 120 locations worldwide. IAP's website can be accessed at www.iapws.com
SOURCE IAP Worldwide Services, Inc.
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