Daily News: June 20, 2016

Cerberus Capital Provides $30MM Financing to DynCorp


DynCorp International, a wholly owned subsidiary of Delta Tucker Holding sand, together with DynCorp International, closed its previously announced exchange offer relating to its 10.375% senior notes due 2017. The company also completed of the other elements of its comprehensive refinancing of outstanding secured and unsecured indebtedness to extend debt maturities.

“We are extremely pleased that we have extended the majority of our debt to 2020,” said Lou Von Thaer, chief executive officer. “This provides us with ample runway to execute our strategy so that we can continue to deliver outstanding services to our customers and create new opportunities for growth.”

DynCorp said the term loans under the credit agreement maturing on July 7, 2016 were refinanced with proceeds of the new term loan facility due July 7, 2020, and the maturity of the existing revolving credit facility was extended from July 7, 2016 to July 7, 2019, in each case as contemplated by Amendment No. 5.

As part of the refinancing transactions, the company also entered into a third lien credit agreement on the closing date. Under the third lien credit agreement, DynCorp Funding (a limited liability company managed by Cerberus Capital Management), provided a $30 million term loan to the company, the proceeds of which will be used to fund the company’s Global Advisory Group for a two-year period.

McLean, VA-based DynCorp International provides sophisticated aviation, logistics, training, intelligence and operational solutions wherever we are needed.