This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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 MellingerDirector of Public Affairs &Corporate CommunicationsIAP Worldwide Services, Inc.321-784-7147

 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs