Crestview Invests in Viad Corp

Paul, Weiss advised Crestview Partners in its investment in Viad Corp, an NYSE-listed international experiential services company, through the private placement of up to $180 million of preferred stock.

Under the terms of the transaction, Crestview Partners has made an initial investment of $135 million in newly issued perpetual convertible preferred stock that carries a 5.5% dividend payable in cash or in-kind at the company’s option. The preferred stock is convertible into shares of Viad common stock at a conversion price of $21.25 per share. Viad may also access a delayed draw commitment of up to $45 million during the next 12 months at the same terms as the initial investment. On an as-converted basis, Crestview now owns approximately 23.7% of the pro forma common shares outstanding with its initial investment of $135 million.

The Paul, Weiss team included, among others, corporate partners Neil Goldman, John Kennedy, Ross Fieldston and Kenneth Schneider and counsel Ji Lu and Patricia Vaz de Almeida; intellectual property partner Charles Googe; real estate partner Peter Fisch; litigation partner Aidan Synnott and counsel Peter Jaffe, Rachel Fiorill and Steven Herzog; tax partner David Mayo; antitrust counsel Marta Kelly and Yuni Sobel; and environmental counsel William O'Brien.