By Paul A. Harris
St. Louis, June 29 - DynCorp International Inc. priced a $455 million issue of seven-year senior unsecured notes (B1/B/) at par to yield 10 3/8% on Tuesday, according to an informed source.
The yield printed at the tight end of the 10½% area price talk.
Citigroup Global Markets Inc., Bank of America Merrill Lynch, Barclays Capital Inc. and Deutsche Bank Securities Inc. were the joint bookrunners.
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.
| Issuer: | DynCorp International Inc.
|
| Amount: | $455 million
|
| Maturity: | July 1, 2017
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Citigroup Global Markets Inc., Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc.
|
| Coupon: | 10 3/8%
|
| Price: | Par
|
| Yield: | 10 3/8%
|
| Spread: | 794 bps
|
| Call protection: | Four years
|
| Trade date: | June 29
|
| Settlement date: | July 7
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 10½% area
|
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