Viad amends and restates loan to provide for $130 million revolver

By Jennifer Chiou

New York, May 24 - Viad Corp. entered into a $130 million amended and restated credit agreement on May 18 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission

J.P. Morgan Securities LLC is lead arranger, bookrunner and administrative agent with Bank of America, NA, KeyBank NA, U.S. Bank NA and Wells Fargo Bank, NA as co-syndication agents.

Pricing ranges from Libor plus 200 basis points to Libor plus 275 bps, depending on leverage. The initial rate is Libor plus 200 bps.

The commitment fee ranges from 35 bps to 50 bps, also depending on leverage. It starts at 35 bps.

The filing said that the agreement replaces the company's $75 million facility and provides for a $130 million revolving credit facility that has a $50 million extension option under certain circumstances.

The modifications also extend the term of the facility to May 2016 from June 2011.

Viad added that the restrictive covenants are generally either the same or less restrictive than the 2006 agreement and unused fees have been reduced.

The Phoenix company provides services for exhibition organizers as well as travel and recreation services.

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