Daily News: January 9, 2018

Citizens Upsizes VSE Facility to $500MM

VSE amended its credit agreement with Citizens Bank as administrative agent, increasing the term loan to $100 million, revolving credit facility to $300 million and the incremental facility from $75 million to $100 million.

According to a related 8-K filing, Citizens served as the sole lead arranger and sole book running manager. M&T, PNC Bank and SunTrust Bank were co-syndication agents. Capital One served as documentation agent.

The amendment also extended the maturity date from January 2020 to January 2023 and provided a more favorable interest rate structure.

“This amendment strengthens our capital structure and improves our liquidity,” said Maurice “Mo” Gauthier, VSE CEO. “Our investors also can be reassured that increased capital with favorable terms will be available to pursue our strategic objectives.”

Established in 1959, VSE is a diversified logistics and services company.