Cases & Deals

VSE Corporation completes $150 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 2,112,676 shares of VSE's Common Stock at a price of $71.00 per share (before underwriting discounts and commissions). VSE also granted the underwriters a 30-day option to purchase up to an additional 316,901 shares of its Common Stock in the public offering on the same terms and conditions, which option was exercised by the underwriters in full.

The offering generated net proceeds of approximately $162.1 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, including borrowings to fund the acquisition of Turbine Controls, LLC, to support potential future strategic acquisitions and for general corporate purposes.

VSE is a leading provider of aftermarket parts distribution and maintenance, repair and overhaul (“MRO”) services for air and land transportation assets for commercial and government markets.