DynCorp starts tender for any and all 9½% senior subordinated notes

By Jennifer Chiou

New York, June 7 - DynCorp International Inc. wholly owned operating subsidiary DynCorp International LLC announced the start of a cash tender offer and consent solicitation for any and all of its $376,219,000 of 9½% senior subordinated notes due 2013.

The company is seeking consents from holders of a majority of the notes to eliminate or make less restrictive substantially all of the restrictive covenants in the note indenture.

The offer is due to DynCorp's agreement and plan of merger, dated April 11, under which DynCorp will become a wholly owned subsidiary of Delta Tucker Holdings, Inc.

Both Delta Trucker Holdings and Delta Tucker Sub, Inc. are entities created on behalf of affiliated funds of Cerberus Capital Management LP.

The offer will end at midnight ET on July 2.

DynCorp said it will pay $1,027.50, for each $1,000 principal amount of notes tendered, including a $3.75 consent fee for those who tender by 5 p.m. ET on June 18.

Holders will also receive accrued interest.

The offer is not a condition to completion of the merger.

Citi (800 558-3745 or call collect 212 723-6106) and BofA Merrill Lynch (888 292-0070 or call collect 980 388-9217) are the dealer managers. MacKenzie Partners, Inc. is the information agent and depositary (800 322-2885 or call collect 212) 929-5500).

DynCorp is a Falls Church, Va.-based provider of defense, technical and government outsourced services.

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