VSE Corporation), a leading provider of aftermarket distribution and maintenance, repair and overhaul (“MRO”) services for air, land and sea transportation assets for commercial and government markets, announced 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.
A shelf registration statement relating to the securities being offered has been filed with the Securities and Exchange Commission (the “SEC”) and has been declared effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering is being made only by means of a preliminary prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available free of charge on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to this offering of securities may also be obtained from RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, by telephone at (877) 822-4089 or by email at equityprospectus@rbccm.com or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800) 621-0687 or by email at prospectus@williamblair.com.
