Viad amends revolver, revising total leverage ratio covenant

By Sara Rosenberg

New York, March 24 – Viad Corp. amended its revolving credit facility, increasing the maximum total leverage ratio to 5.25x for the trailing 12 months ended Sept. 30, 2022, declining to 4.75x at Dec. 31, 2022, 4.5x at March 31, 2023 and 4x thereafter, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The amendment also extended the period that the liquidity covenant applies until the date the company delivers financial statements and a compliance certificate for the quarter ending Sept. 30, 2022.

In addition, the amendment extended certain restrictions contained in the negative covenants on the company’s activities during the extended period that the liquidity covenant applies.

And, a minimum EBITDA test for the period from Jan. 1, 2022 to June 30, 2022 was added to the credit agreement.

Bank of America is the administrative agent on the revolver.

The amendment was completed on March 23.

Viad is a Scottsdale, Ariz.-based provider of experiential leisure travel and live events and marketing experiences.

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