DynCorp floats price talk ahead of Wednesday launch

By Sara Rosenberg

New York, Jan. 18 - DynCorp International LLC's $345 million term loan B is expected to open at Libor plus 250 to 275 basis points, depending on ratings, according to market sources.

The $420 million credit facility, which will launch in a bank meeting Wednesday, also contains a $75 million revolving credit facility.

Goldman Sachs and Bear Stearns are the lead banks on the deal, with Goldman acting as left lead.

Proceeds from the credit facility and a bond offering will be used to help fund Veritas Capital's acquisition of DynCorp from Computer Sciences Corp. for $850 million, with $775 million in cash payable at closing plus $75 million of senior preferred stock. The acquisition is expected to be completed in the first quarter of 2005.

DynCorp is a Fort Worth, Texas, provider of mission critical support.

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