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DYNCORP ANNOUNCES NEW FINANCING

 DYNCORP ANNOUNCES NEW FINANCING
 RESTON, Va., Jan. 23 /PRNewswire/ -- DynCorp announced that its


special-purpose subsidiary, Dyn Funding Corporation, has privately placed $100 million Collateralized Notes due in 1997. Donaldson, Lufkin & Jenrette Securities Corporation acted as sole placement agent.
 The net proceeds from the transaction will be used initially to repay the company's outstanding bank debt and to call all of its outstanding Class A Preferred Stock. The remaining proceeds will be used for general corporate purposes, which may include resumption of common stock dividends and/or acquisitions. The company does not presently plan to use any of the net proceeds from this transaction to call any of its outstanding subordinated pay-in-kind debentures.
 In commenting on the possible use of proceeds for acquisitions, DynCorp President and Chief Executive Officer Dan R. Bannister noted that DynCorp has made six acquisitions over the past 20 months and is currently considering others, including some which are larger than the company has made in recent years.
 "Acquisitions have strategically strengthened our diversified growth in higher technology services, both in our defense contracting business as well as the non-DoD services industry. We expect to accelerate this strategy," said Bannister.
 DynCorp's recent acquisitions include Program Resources, Inc., Meridian Corporation, Viar & Company, Aerotherm Corporation and certain operating assets of Bell Technical Operations Corporation and Becon Services Corporation.
 Bannister noted that DynCorp's new financing is significant. "It will help stabilize the company's cost of capital while assuring that funds are available to finance both internal growth and acquisitions. The new debt has fewer restrictions than the old debt, and this reflects the company's progress since going private in 1988," said Bannister.
 Headquartered in Reston, DynCorp is an employee-owned aviation support and professional, technical services firm providing a wide range of services to government and commercial clients worldwide.
 -0- 1/23/92
 /CONTACT: Janine Carey, director, corporate communications, DynCorp, 703-264-8733/ CO: DynCorp ST: Virginia IN: ARO SU: FNC


TW-SB -- DC018 -- 2981 01/23/92 16:11 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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