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DynCorp extends tender offer, consent solicitation for 9½% notes
By Angela McDaniels
Tacoma, Wash., June 30 - DynCorp International Inc. wholly owned operating subsidiary DynCorp International LLC extended the tender offer and consent solicitation for the $376,219,000 of 9½% senior subordinated notes due 2013 it issued with DIV Capital Corp.
The deadline was extended to 8 a.m. ET on July 7 from midnight ET on July 2, according to a company news release.
The expiration time for the offer is also the date on which the previously announced merger of DynCorp with and into Delta Tucker Sub, Inc., an entity created on behalf of affiliated funds and/or managed accounts of Cerberus Capital Management LP, is scheduled to close.
As of 5 p.m. ET on June 28, holders had tendered $374,219,000 principal amount, or 99.5%, of the notes.
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.
Holders will receive $1,027.50 for each $1,000 principal amount of notes tendered, including a $3.75 consent fee for those who tendered by 5 p.m. ET on June 18.
The company will also pay accrued interest.
The offer began June 7 and is conditioned on the consummation of the merger. However, the completion of the tender offer and consent solicitation 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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