VSE Corporation Increases Availability Under Amended Loan Agreement by $100 Million
December 02 2019 - 05:00PM
Business Wire
Increased Availability Provides Capital To
Support Strategic Growth
VSE Corporation (NASDAQ: VSEC, “VSE”, or the “Company”), a
leading provider of repair services, supply chain management
support and consulting services for land, sea and air
transportation assets in the public and private sectors, today
announced that it has successfully amended an existing loan
agreement with its bank group.
Under the terms of the amended loan agreement, VSE’s bank group
increased total availability on the Company’s term loan and
revolving credit facility by a combined $100 million. Following the
close of the transaction, total committed capital under the amended
loan agreement increased from $373 million to $473 million. The
Company’s combined outstanding principal balance across its term
loan and revolving credit facility totaled $274 million as of the
amendment date of November 26, 2019. The term of the amended loan
agreement expires in January 2023.
“This transaction reflects the continued confidence of our
syndicated lending group in the improved long-term outlook for our
business,” stated John Cuomo, CEO of VSE Corporation. “While
balance sheet discipline remains a priority for us, this amendment
improves our operational and financial flexibility to pursue
accretive investments in both organic and inorganic opportunities,
over time. We value the ongoing support of our lending group as we
seek to position VSE for its next phase of growth.”
Citizens Bank, National Association served as the Sole Lead
Arranger and Sole Book Running Manager.
About VSE Corporation
Established in 1959, VSE is a diversified products and services
company providing logistics solutions. VSE is dedicated to making
our federal and commercial clients successful by delivering
innovative solutions for vehicle, ship, and aircraft sustainment,
supply chain management, platform modernization, mission
enhancement, and program management, and providing energy, IT, and
consulting services. For additional information regarding VSE’s
services and products, visit us at www.vsecorp.com
Safe Harbor
This release contains statements that to the extent they are not
recitations of historical fact, constitute “forward-looking
statements” under federal securities laws. All such statements are
intended to be subject to the safe harbor protection provided by
applicable securities laws. For discussions identifying some
important factors that could cause actual VSE results to differ
materially from those anticipated in the forward-looking statements
in this news release, see VSE’s public filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20191202005090/en/
Christine Kaineg Director, Investor Relations (703) 329-3263
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