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Delta Tucker’s DynCorp to redeem $390.5 million 11 7/8% on Aug. 23
By Sarah Lizee
Olympia, Wash., July 24 – Delta Tucker Holdings, Inc. subsidiary DynCorp International issued a conditional notice to redeem in full its $390.5 million of outstanding 11 7/8% senior secured second-lien notes due 2020, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be redeemed at par plus accrued interest, including PIK interest, up to but excluding the redemption date of Aug. 23.
The redemption is conditioned on DynCorp’s receipt of net cash proceeds from a proposed new term loan before the redemption date. Proceeds from the term loan along with cash on hand will be used for the redemption.
DynCorp said it scheduled a lender presentation for Thursday to discuss the possible refinancing of its existing capital structure with a new $70 million senior secured revolving credit facility maturing in 2024 and a new $360 million senior secured term loan facility maturing in 2025.
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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