Viad amends revolver for more leeway on share repurchases, dividends

By Marisa Wong

Madison, Wis., Dec. 14 - Viad Corp. amended its $130 million amended and restated credit agreement dated May 18, 2011 to remove a $10 million limit on share repurchases per year, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, effective as of Dec. 12, allows share repurchases unless Viad's leverage ratio is greater than 1.50 to 1.00 or a default exists under the credit agreement. As of Sept. 30, the company's leverage ratio was 0.21 to 1, the filing noted.

The amendment also allows the company to declare and pay dividends in excess of $10 million per year, as well as distributions on its capital stock, unless its leverage ratio is greater than 1.50 to 1.00 or a default exists.

JPMorgan Chase Bank, NA is the lender, swingline lender and administrative for the revolver due May 2016.

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

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