DynCorp gets needed consents to amend its $376.22 million in 9½% notes

By Devika Patel

Knoxville, Tenn., June 21 - DynCorp International Inc. wholly owned operating subsidiary DynCorp International LLC announced it has received tenders and consents from holders of $374.11 million, or approximately 99.4%, of its $376.22 million in 9½% senior subordinated notes due 2013 as of 5 p.m. ET on June 18. Consequently, the notes will be amended to eliminate or make less restrictive substantially all of the restrictive covenants in the note indenture.

On June 8, the company said it had launched a cash tender offer and consent solicitation for the notes, which will end at midnight ET on July 2.

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.

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

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 the completion of the merger.

Citi (800 558-3745 or call collect 212 723-6106) and Bank of America 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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