[2] Derry City were the League Cup holders, and had reached the final by defeating Longford Town (3–0), Finn Harps (2–1), and Waterford (4–2).
Dundalk wore their third kit for the match, which had been introduced that season as part of a fundraising partnership between the club and Temple Street Children's University Hospital.
Junior Ogedi-Uzokwe gave Derry City the lead again six minutes after half-time, when his deflected shot wrong-footed McCarey.
Subsequently, two quick yellow cards for Grant Gillespie saw Derry City reduced to 10 men, and Dundalk equalised in the 69th minute through Sean Gannon.
Dundalk couldn't capitalise on their numerical advantage in the remaining time, or in extra-time, which sent the final to a penalty shoot-out.