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News Breaks | | | | January 7, 2013 | | 08:23 EDT |  | DRCO | Dynamics Research reports debt pay down and loan amendments
Dynamics Research reported the repayment of $15M of the principal with respect to its subordinated debt and the amendment of its loan agreements to permit the repayment of all remaining subordinated debt. The debt payment and loan amendments were effective December 31. The company also reported that approximately $315,000 of amortizable non-cash deferred financing costs associated with the early repayment would be accelerated to the fourth quarter of 2012. Also, a make whole payment of approximately $1.7M was paid to the subordinated lender. These charges were not included in the company's most recent guidance for Q4 and FY12 issued on October 31, 2012. | |
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