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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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IAP Worldwide Services Completes Amend and Extend Process

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

CONTACT:
Arlene Mellinger
Director of Public Affairs &
Corporate Communications
IAP Worldwide Services, Inc.
321-784-7147

 


 

SOURCE IAP Worldwide Services, Inc.

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Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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