DynCorp amends facility, resets financial maintenance covenant levels

By Susanna Moon

Chicago, Nov. 10 – DynCorp International Inc. amended its senior credit facility that reset financial maintenance covenant levels on Nov. 5, according to a press release.

The company reduced the aggregate principal amount of revolving credit commitments by 20% and modified the definition of consolidated net income to exclude up to $35 million for a one-time charge related to a U.S. Air Force contract.

The company also prepaid $30 million of its term loan in September, bringing total prepayments to $90 million for the year.

DynCorp, a wholly owned subsidiary of Delta Tucker Holdings, Inc., is a McLean, Va.-based provider of aviation, logistics, training, intelligence and operational solutions to commercial, government and military customers.

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