VSE Corporation Prices Public Offering of Common Stock
VSE (NASDAQ: VSEC) has priced its public offering of common stock at $87.00 per share, offering 1,724,137 shares with an option for underwriters to purchase an additional 258,620 shares. The offering is expected to close on October 17, 2024, with anticipated net proceeds of approximately $142.5 million. VSE plans to use the proceeds to partially finance its acquisition of Kellstrom Aerospace Group, Inc.
The offering is led by Jefferies and RBC Capital Markets as joint lead book-running managers, with William Blair, Stifel, and Truist Securities as joint book-running managers. B. Riley Securities and The Benchmark Company are serving as co-managers. An automatically effective shelf registration statement has been filed with the SEC, and a preliminary prospectus supplement and accompanying prospectus are available on the SEC's website.
VSE (NASDAQ: VSEC) ha fissato il prezzo della sua offerta pubblica di azioni ordinarie a 87,00 $ per azione, offrendo 1.724.137 azioni con un'opzione per i sottoscrittori di acquistare ulteriori 258.620 azioni. Si prevede che l'offerta si chiuderà il 17 ottobre 2024, con proventi netti previsti di circa 142,5 milioni di dollari. VSE prevede di utilizzare i proventi per finanziare parzialmente l'acquisizione di Kellstrom Aerospace Group, Inc.
L'offerta è guidata da Jefferies e RBC Capital Markets come manager principali della registrazione, con William Blair, Stifel e Truist Securities come manager di registrazione secondari. B. Riley Securities e The Benchmark Company stanno operando come co-manager. È stata presentata una dichiarazione di registrazione su base automatica presso la SEC e un supplemento del prospetto preliminare e il prospetto allegato sono disponibili sul sito web della SEC.
VSE (NASDAQ: VSEC) ha establecido el precio de su oferta pública de acciones ordinarias en 87,00 $ por acción, ofreciendo 1.724.137 acciones con una opción para que los suscriptores compren 258.620 acciones adicionales. Se espera que la oferta se cierre el 17 de octubre de 2024, con ingresos netos anticipados de aproximadamente 142,5 millones de dólares. VSE planea usar los ingresos para financiar parcialmente la adquisición de Kellstrom Aerospace Group, Inc.
La oferta es liderada por Jefferies y RBC Capital Markets como gerentes conjuntos principales, con William Blair, Stifel y Truist Securities como gerentes de registro conjuntos. B. Riley Securities y The Benchmark Company están actuando como co-gerentes. Se ha presentado una declaración de registro de estantería efectiva automáticamente ante la SEC, y un suplemento de prospecto preliminar y el prospecto correspondiente están disponibles en el sitio web de la SEC.
VSE (NASDAQ: VSEC)는 일반 주식 공개 제안의 가격을 주당 87.00 달러로 책정했으며, 1,724,137 주를 제공하고 추가로 258,620 주를 인수할 수 있는 옵션을 제공합니다. 이 제안은 2024년 10월 17일에 마감될 것으로 예상되며, 예상净 수익은 약 1억 4천 250만 달러입니다. VSE는 이 자금을 사용하여 Kellstrom Aerospace Group, Inc의 인수를 부분적으로 자금 조달할 계획입니다.
이번 제안은 Jefferies와 RBC Capital Markets가 공동 주간관으로 주도하며, William Blair, Stifel, 및 Truist Securities가 공동 주간관으로 참여합니다. B. Riley Securities와 The Benchmark Company가 공동 관리자 역할을 수행합니다. 자동으로 효력이 발생하는 선반 등록 신청서가 SEC에 제출되었으며, 초기 투자설명서와 관련 투자설명서가 SEC 웹사이트에서 확인 가능합니다.
VSE (NASDAQ: VSEC) a fixé le prix de son offre publique d'actions ordinaires à 87,00 $ par action, proposant 1.724.137 actions avec une option pour les souscripteurs d'acheter 258.620 actions supplémentaires. L'offre devrait se clôturer le 17 octobre 2024, avec des produits nets anticipés d'environ 142,5 millions de dollars. VSE prévoit d'utiliser ces produits pour financer partiellement l'acquisition de Kellstrom Aerospace Group, Inc.
L'offre est dirigée par Jefferies et RBC Capital Markets en tant que co-directeurs principaux de l'offre, avec William Blair, Stifel, et Truist Securities en tant que co-directeurs. B. Riley Securities et The Benchmark Company agissent en tant que co-managers. Une déclaration d'enregistrement effective automatiquement a été déposée auprès de la SEC, et un supplément de prospectus préliminaire ainsi qu'un prospectus d'accompagnement sont disponibles sur le site Web de la SEC.
VSE (NASDAQ: VSEC) hat den Preis für sein öffentliches Angebot von Stammaktien auf 87,00 $ pro Aktie festgelegt und bietet 1.724.137 Aktien an, mit einer Option für die Underwriter, weitere 258.620 Aktien zu kaufen. Es wird erwartet, dass das Angebot am 17. Oktober 2024 abgeschlossen wird, mit einem voraussichtlichen Nettoertrag von etwa 142,5 Millionen Dollar. VSE plant, die Erlöse teilweise zur Finanzierung der Übernahme von Kellstrom Aerospace Group, Inc zu verwenden.
Das Angebot wird von Jefferies und RBC Capital Markets als gemeinsame Hauptbuchführer geleitet, während William Blair, Stifel und Truist Securities als gemeinsame Buchführer fungieren. B. Riley Securities und The Benchmark Company fungieren als Co-Manager. Eine automatisch wirksame Regalregistrierungsanmeldung wurde bei der SEC eingereicht, und ein vorläufiger Prospekt und der begleitende Prospekt sind auf der Website der SEC verfügbar.
- Public offering priced at $87.00 per share, indicating strong market interest
- Expected net proceeds of approximately $142.5 million to finance strategic acquisition
- Underwriters granted 30-day option to purchase additional shares, potentially increasing capital raised
- Strong lineup of reputable financial institutions managing the offering
- Potential dilution of existing shareholders' ownership due to new share issuance
- Increased outstanding shares may impact earnings per share in the short term
Insights
Net proceeds from the offering are expected to be approximately
Jefferies and RBC Capital Markets are acting as joint lead book-running managers and representatives of the underwriters for the offering. William Blair, Stifel and Truist Securities are also serving as joint book-running managers for the offering. B. Riley Securities and The Benchmark Company are serving as co-managers for the offering.
An automatically effective shelf registration statement relating to the securities being offered has been filed with the Securities and Exchange Commission (the “SEC”). 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. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and may also be obtained, when available, from Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue,
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.
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers’ high-value, business-critical assets. The Aviation segment is a leading provider of aftermarket parts distribution and maintenance, repair, and overhaul services for components and engine accessories to commercial, business, and general aviation operators. The Fleet segment specializes in part distribution, engineering solutions, and supply chain management services catered to the medium and heavy-duty fleet market.
FORWARD-LOOKING STATEMENTS
This press release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and this statement is included for purposes of such safe harbor provisions.
“Forward-looking” statements, as such term is defined by the SEC in its rules, regulations and releases, represent our expectations or beliefs, including, but not limited to, statements concerning our expectations regarding the offering of common stock, including the expected timing of the closing and use of proceeds, our expectation that we will complete the proposed offering, our operations, economic performance, financial condition, growth and acquisition strategies, investments and future operational plans. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements.
These statements speak only as of the date of this press release and we undertake no ongoing obligation, other than that imposed by law, to update these statements. These statements relate to, among other things, our intent, belief or current expectations with respect to: our future financial condition, results of operations or prospects; our business and growth strategies; and our financing plans and forecasts. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, certain of which are beyond our control, and that actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors, some of which are unknown, including, without limitation:
- supply chain delays and disruptions;
- risks related to our work on large government programs;
- our ability to consummate, successfully integrate, and achieve the strategic and other objectives, including any expected synergies, relating to pending acquisitions, including the acquisition of Kellstrom Aerospace Group, Inc.;
- our ability to successfully integrate and realize the anticipated benefits of recently acquired businesses, including the acquisition of the Turbine Controls, LLC business;
- our ability to successfully divest businesses and to transition facilities in connection therewith;
- risks related to future business conditions resulting in impairments;
- risks related to the intense competition in our industry;
- risks related to the performance of the aviation aftermarket;
- global economic and political conditions;
- prolonged periods of inflation and our ability to mitigate the impact thereof;
- challenges related to workforce management or any failure to attract or retain a skilled workforce;
- our dependence on third-party package delivery companies;
- compliance with government rules and regulations, including environmental and pollution risk;
- risks related to technology security and cyber-attacks;
- risks related to our outstanding indebtedness;
- risks related to market volatility in the debt and equity capital markets;
- our expected use of proceeds from the offering;
- risks related to our published financial guidance;
- risks related to our preliminary financial estimates, which represent management’s current estimates and are subject to change; and
- the other factors identified in our reports filed or expected to be filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024.
You are advised, however, to consult any further disclosures we make on related subjects in our periodic reports on Forms 10-K, 10-Q or 8-K filed with or furnished to the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015071768/en/
INVESTOR RELATIONS CONTACT:
Michael Perlman
Vice President of Investor Relations and Treasury
Phone: (954) 547-0480
Email: investors@vsecorp.com
Source: VSE Corporation
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