DynCorp gets commitment for $30 million of third-lien secured loans

By Angela McDaniels

Tacoma, Wash., May 2 – DynCorp International Inc. received a commitment letter on April 30 from an affiliate of Cerberus Capital Management, LP for $30 million of third-lien secured loans, according to a company news release.

The proceeds will be used to fund the company’s global advisory group for a two-year period.

The third-lien loans are part of a comprehensive refinancing of the company’s debt that also includes an exchange offer and consent solicitation for its $455 million of 10 3/8% senior notes due 2017 and an amendment and waiver to its senior secured credit facility.

The third-lien loans are subject to the completion of the exchange offer, among other conditions.

DynCorp is a McLean, Va.-based provider of aviation, logistics, training, intelligence and operational solutions to commercial, government and military customers.

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