VSE Corporation completes $120 million public offering of Common Stock
Client(s) VSE Corporation
Jones Day represented VSE Corporation (NASDAQ: VSEC) in connection with an underwritten public offering of 2,475,000 shares of VSE's Common Stock at a price of $48.50 per share. VSE also granted the underwriters a 30-day option to purchase up to an additional 371,250 shares of its Common Stock in the public offering on the same terms and conditions.
The offering generated net proceeds of 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 the offering to repay outstanding borrowings under its revolving credit facility and any remaining amounts for general corporate purposes.
VSE is a leading provider of aftermarket distribution and repair services for air, land and sea transportation assets for commercial and government markets.