VSE increases revolver to $350 million, term loan to $123 million

By Wendy Van Sickle

Columbus, Ohio, Dec. 2 – VSE Corp. and a majority of its wholly owned subsidiaries amended their loan agreement on Nov. 26 to increase the total availability on the company’s term loan and revolving credit facility by a combined $100 million, according to an 8-K filing with the Securities and Exchange Commission.

The amended loan agreement provides for a term loan facility of $123 million and a $50 million increase in the revolving loan facility to $350 million, which includes an increase to $25 million in the letter-of-credit sub-facility and an increase to $15 million in the swing-line sub-facility.

The maturity date remains Jan. 5, 2023 for both tranches, and there continues to be a $100 million accordion feature.

The company’s combined outstanding principal balance across the term loan and revolver totaled $274 million as of the amendment date.

Citizens Bank, NA is the lead arranger, bookrunner and the administrative agent.

Manufacturers and Traders Trust Co., PNC Bank, NA and SunTrust Bank are the co-syndication agents.

Capital One, NA is the documentation agent.

VSE is a diversified logistics and services company based in Alexandria, Va.

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