secwatch.observer — SEC 8-K summary
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Issuer:     VSE CORP (VSEC)
CIK:        0000102752
Form:       8-K
Filed at:   2023-07-07T23:59:59+00:00
Accession:  0000102752-23-000070
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

VSE completes $124M acquisition of Desser Aerospace, sells $30M of its units to Loar Group
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/102752/000010275223000070/0000102752-23-000070-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/102752/000010275223000070/vsec-20230706.htm
  HTML page:      https://secwatch.observer/filing/0000102752-23-000070

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