VSE Prices Public Offering Of About 2.11 Mln Shares At $71.00/shr

(RTTNews) - VSE Corp. (VSEC), a provider of aftermarket distribution and repair services, said that it has priced its underwritten public offering of about 2.11 million shares of its common stock at a price to the public of $71.00 per share.

VSE has also granted the underwriters a 30-day option to purchase up to an additional 316,901 shares of common stock.

The offering is expected to close on May 17, 2024.

VSEC closed Tuesday's regular trading at $74.37 down $1.26 or 1.67%. In the after-hours trading, the stock further dropped $2.60 or 3.50%.

The company expects net proceeds from the offering to be approximately $141.0 million after deducting 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 loan facility, including borrowings to fund its acquisition of Turbine Controls, Inc., to support potential future strategic acquisitions and for general corporate purposes.