{"schema_version":"secwatch.filing_event.v1","accession":"0000102752-23-000070","form_type":"8-K","ticker":"VSEC","cik":"0000102752","company_name":"VSE CORP","filed_at":"2023-07-07T23:59:59+00:00","discovered_at":"2026-05-14T18:03:32.926726+00:00","generated_at":"2026-06-13T10:51:53.026919+00:00","sec_items":["1.01","2.01","2.03","7.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"VSE completes $124M acquisition of Desser Aerospace, sells $30M of its units to Loar Group","bullets":["Acquired Desser Aerospace for $124M cash; concurrently sold its Proprietary Solutions businesses to Loar for $30M, net cash outlay ~$94M.","Financed acquisition with $90M new Term Loan A (amended credit facility) and $4M revolver draw; leverage covenant raised to 5.00x temporarily.","Desser Aerospace is a distributor of specialty aviation tires, brakes, batteries and MRO services; expected to expand VSE Aviation's product portfolio and geographic reach.","Amendment also reduced incremental borrowing capacity from $100M to $25M and added a pricing tier for leverage above 4.50x."],"urls":{"canonical":"https://secwatch.observer/filing/0000102752-23-000070","json":"https://secwatch.observer/filing/0000102752-23-000070.json","markdown":"https://secwatch.observer/filing/0000102752-23-000070.md","text":"https://secwatch.observer/filing/0000102752-23-000070.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/102752/000010275223000070/0000102752-23-000070-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/102752/000010275223000070/vsec-20230706.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T10:51:53.026919+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"76abe7b2ca48e6eaa17093d9fd3cc6389bed7883","claim":"VSE CORP incurred term loan of $90.0 million with Citizens Bank, N.A. (as administrative agent) and certain other lenders.","evidence_excerpt":"the extension of a new term loan in the aggregate principal amount of $90.0 million (the “New Term Loan”), which will mature on the same date as the Company’s existing term loans;","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/102752/000010275223000070/0000102752-23-000070-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$90.0 million"},{"label":"Counterparty","value":"Citizens Bank, N.A. (as administrative agent) and certain other lenders"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"5a93aa16cbc0decc6fb54278303d88d445417021","claim":"VSE CORP completed a disposition involving Loar Group Inc. for approximately $30 million (closed 2023-07-03).","evidence_excerpt":"Concurrent with the closing of the Desser Acquisition, the Company sold Desser Aerospace’s propriety solutions businesses to Loar Group Inc. for cash consideration of approximately $30 million (the “Loar Sale”).","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/102752/000010275223000070/0000102752-23-000070-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"disposition"},{"label":"Counterparty","value":"Loar Group Inc."},{"label":"Consideration","value":"approximately $30 million"},{"label":"Closing","value":"2023-07-03"}],"fact_type":"ma_transaction"},{"claim_id":"9528d1c95c4efe2cb7420a9b566528f78db3c42d","claim":"VSE CORP completed an acquisition involving Desser Aerospace for approximately $124 million (closed 2023-07-03).","evidence_excerpt":"being a wholly-owned subsidiary of VSE Aviation (the “Desser Acquisition”). VSE Aviation paid total cash consideration in connection with the Desser Acquisition of approximately $124 million, subject to certain customary post-closing adjustments. Concurrent with the closing of the Desser Acquisition, the Company sold Desser Aerospace’s propriety solutions businesses","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/102752/000010275223000070/0000102752-23-000070-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"acquisition"},{"label":"Counterparty","value":"Desser Aerospace"},{"label":"Consideration","value":"approximately $124 million"},{"label":"Closing","value":"2023-07-03"}],"fact_type":"ma_transaction"},{"claim_id":"45f69e4b2f0863a4619b7acad6dfdf93afa42eab","claim":"VSE CORP amended Fifth Amendment with Citizens Bank, N.A. and certain other banks and financial institutions from time to time party thereto as lenders, and Citizens Bank, N.A., as administrative agent valued at aggregate principal amount of $90.0 million (effective 2023-07-03).","evidence_excerpt":"On July 3, 2023, VSE Corporation (“VSE” or the “Company”) and a majority of its wholly owned subsidiaries, as borrowers, entered into that certain Fifth Amendment (the “Amendment”) to the Fourth Amended and Restated Business Loan and Security Agreement, dated as of January 5, 2018 (as amended, restated or otherwise modified to date, the “Credit Agreement”) with Citizens Bank, N.A. and certain other banks and financial institutions from time to time party thereto (the “Lenders”) as lenders, and Citizens Bank, N.A., as administrative agent (as successor by merger to Citizens Bank of Pennsylvania ) (in such capacity, the “Administrative Agent”). The Amendment, among other things, provides for the following: (i) the extension of a new term loan in the aggregate principal amount of $90.0 million (the “New Term Loan”), which will mature on the same date as the Company’s existing term loans","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/102752/000010275223000070/0000102752-23-000070-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Citizens Bank, N.A. and certain other banks and financial institutions from time to time party thereto as lenders, and Citizens Bank, N.A., as administrative agent"},{"label":"Value","value":"aggregate principal amount of $90.0 million"},{"label":"Effective","value":"2023-07-03"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}