ALEXANDRIA, Va.–(BUSINESS WIRE)–VSE Corporation (NASDAQ: VSEC; “VSE”), a leading provider of aftermarket distribution and maintenance, repair and overhaul services for air, land and sea transportation assets for commercial and government markets, announced today that it has priced its previously announced underwritten public offering of 2,475,000 shares of its common stock at a price to the public of $48.50 per share. VSE has also granted the underwriters a 30-day option to purchase up to an additional 371,250 shares of common stock. The offering is expected to close on July 24, 2023, subject to the satisfaction of customary closing conditions.
Net proceeds from the offering are expected to be approximately $112.7 million after deducting estimated underwriting discounts and commissions and before estimated offering expenses. VSE expects to use substantially all of the net proceeds from this offering to repay outstanding borrowings under its revolving credit facility and any remaining amounts for general corporate purposes.
RBC Capital Markets, LLC and William Blair & Company, L.L.C. are acting as joint book-running managers for the offering. Truist Securities, Inc. is also serving as a bookrunner for the offering. B. Riley Securities, Inc. is serving as co-manager for the offering.
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for air, land and sea transportation assets for commercial and government markets. Core services include MRO services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit www.vsecorp.com.
