VSE issues 2.475M shares at $48.50 to repay revolving credit facility

VSE CORP

Priced public offering of 2,475,000 shares of common stock at $48.50 per share; underwriters have 30-day option for 371,250 additional shares.
Net proceeds estimated at $112.7M ($129.6M if overallotment exercised), used mainly to repay outstanding borrowings under revolving credit facility.
Underwriting agreement with RBC Capital Markets and William Blair as representatives; customary lock-up agreements with officers, directors, and affiliates for 90 days.
Offering made under existing effective shelf registration statement (Form S-3); proceeds also for general corporate purposes after debt repayment.
Expected dilution of roughly 20% based on prior outstanding shares; priced at $48.50 reflecting market conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VSE CORP entered into Underwriting Agreement with RBC Capital Markets, LLC and William Blair & Company, L.L.C., acting as representatives of the several underwriters named therein valued at approximately $112.7 million (effective 2023-07-19).

Action: entry
Agreement: underwriting
Counterparty: RBC Capital Markets, LLC and William Blair & Company, L.L.C., acting as representatives of the several underwriters named therein
Value: approximately $112.7 million
Effective: 2023-07-19

Exact text from the filing

On July 19, 2023, VSE Corporation (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with RBC Capital Markets, LLC and William Blair & Company, L.L.C., acting as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell (the “Offering”) 2,475,000 shares (the “Firm Shares”) of the Company’s common stock, par value $0.05 per share (the “Common Stock”), at a price to the public of $48.50 per share.

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VSE CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-192015

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