DynCorp to launch $430 million credit facilities on Thursday

By Sara Rosenberg

New York, July 24 – DynCorp International is scheduled to hold a bank meeting at 10 a.m. ET on Thursday to launch $430 million of senior secured credit facilities (BB), according to a market source.

BofA Securities Inc., Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and Barclays are the lead banks on the deal.

The facilities consist of a $70 million five-year revolver and a $360 million six-year term loan B.

The term loan has 101 soft call protection for one year and a 4.25x net secured leverage covenant, the source said.

Proceeds will be used with cash on hand to refinance the company’s capital structure, including its $390.5 million of 11 7/8% senior secured second-lien notes due 2020.

DynCorp is a McLean, Va.-based provider of aviation, logistics, training, intelligence and operational solutions.

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