DynCorp will have no maturities this year after April redemption

By Devika Patel

Knoxville, Tenn., March 29 – DynCorp International Inc. is redeeming its $39.3 million of 10 3/8% senior notes due 2027 in a call announced for April 24, taking out the remaining debt due this year, following a June 15, 2016 refinancing that extended the company’s maturities to 2020.

“Bill Kansky led our refinancing activities that completed on June 15, moving the maturity of most our debt out to 2020,” chief executive officer and president Lewis Von Thaer said on the company’s fourth quarter earnings conference call on Wednesday.

“On March 24, we launched redemption activities related to the remaining piece of the debt that is due this year,” Thaer said.

The redemption was for the remaining $39.3 million of senior debt that did not take part in the June refinancing.

The call date is April 24.

At the end of the quarter, working capital was $153.5 million.

The company posted $34 million of free cash flow for the three-month period

Net debt at the end of the year was $514.2 million, down from $533.5 million in December 2015.

The company ended the year with $118.2 million of cash on the balance sheet, with no borrowings outstanding on its revolving credit facility at year end.

Fourth quarter adjusted EBITDA was $32 million and 2016 adjusted EBITDA was $101 million.

DynCorp is a McLean, Va.-based provider of aviation, logistics, training, intelligence and operational solutions to commercial, government and military customers.

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