B. Riley Securities served as bookrunner on VSE’s upsized underwritten public equity offerings, consisting of a $750 million common stock follow-on offering and a concurrent $400 million offering of 5.750% tangible equity units, for total gross proceeds of $1.15 billion, excluding overallotments.
The common stock offering included 3,989,362 shares priced at $188.00 per share, and the Units offering included 8,000,000 tangible equity units with an aggregate stated amount of $400 million. VSE granted the underwriters a 30-day option to purchase up to an additional 598,404 shares of common stock and 1,200,000 units, representing up to approximately $130 million of additional proceeds.
VSE intends to use the proceeds to fund a portion of its previously announced acquisition of Precision Aviation Group.
