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DynCorp amends loan, upping revolver by $15 million, waiving required use of IPO proceeds
By Sara Rosenberg
New York, Jan. 11 - DynCorp International LLC amended its senior secured credit facility, increasing the revolver size by $15 million and waiving the requirement that 50% of net cash proceeds from its initial public offering be used to prepay loans, according to an 8-K filed with the Securities and Exchange Commission Wednesday.
The amendment also allows the company to redeem up to $65 million of its $320 million senior subordinated notes, redeem all of its parent company's preferred stock, pay a dividend to class B common stockholders and pay a transaction fee to Veritas Capital Management II LLC related to the initial public offering of up to $10 million.
The amendment was completed on Jan. 9.
Goldman Sachs is the administrative agent on the deal.
DynCorp is a Fort Worth, Texas, provider of mission critical support to its customers, primarily the U.S. government.
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