IAP Worldwide Services is a leading international service company that offers global scale contingency support, technical services, facility management services, and other support services for the US military, humanitarian groups, other government agencies, and several commercial enterprises. They have been in business for 60 years, and they integrate and leverage its capabilities to provide innovative, reliable, and safe solutions to meet consumer’s complex and diverse challenges. They have offices in Washington, D.C., Oklahoma, Maryland, Florida, the Middle East, and the United Kingdom. They operate in over 110 locations in 27 countries.
In Recent News- Developments
There have been a plethora of different developments going on with IAP. For instance, IAP Worldwide Services has recently been restructuring debt with the lender group, Deutsche Bank Trust Company. Kaye Scholer represents this lender group as an administrative agent.
IAP Worldwide Services owed about $354 million to the first lien lenders and about $125 million to its second lien lenders. The restructuring includes the 80% of the first lien debt to be converted into all of IAP’s new equity. It is also converted into a buyout of the second lien debt, a creation of a new revolving loan amounting to $50 million, the reinstatement and amendment of the then current term loan facility, and a letter of credit facility.
On a more positive note, IAP Worldwide Services has very recently been selected to support an U.S. Navy’s contract valued up to $900 million. IAP Worldwide Services has a gained an excellent reputation in supporting these types of contracts with DoD entities. One example is them being the only government services provider for all four Air Force programs since 1996 which is under the Air Force Contract Augmentation Program. According to the Vice President for Global Support, Rick Nohmer, who is over this operation for the Navy, they are currently executing task orders worldwide in support of NAVFAC. He also stated that a joint venture called The IAP-ECC Team is pleased to continue offering critical infrastructure support maintenance and operations, and contingency services for the Navy.
The services offered to the Navy will consist of humanitarian efforts, facility support services having incidental construction in natural disaster’s support, full service of military actions, and incumbent breaks in service at locations worldwide in support of the nation’s efforts. The contracting authority, The Naval Facilities Engineering Command, Pacific, has an expected completion date of September 2024.