This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs