DynCorp talks $445 million seven-year notes with 10½% area yield

By Paul A. Harris

St. Louis, June 28 - DynCorp International Inc. talked its $455 million offering of seven-year senior unsecured notes (B1/B/) with a yield in the 10½% area, a market source said on Monday.

The deal is set to price on Tuesday.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Barclays Capital Inc. and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes come with four years of call protection.

Proceeds will be used to help fund the buyout of the company by Cerberus Capital Management LP and to repay debt.

DynCorp is a Falls Church, Va.-based government services provider in support of U.S. national security and foreign policy objectives.

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