Ends 2021 Second Quarter in Solid Liquidity
Position
Launches Process to Refinance 2023 Debt
Maturity
Viad Corp (NYSE: VVI), a leading provider of experiential
leisure travel and live events and marketing experiences, announced
today the details of its 2021 second quarter earnings call, its
preliminary June 30, 2021 liquidity position, and the launch of a
process to refinance its $450 million revolving credit facility
that matures in 2023.
Earnings Conference Call Details
We will host a teleconference with investors and analysts to
review second quarter 2021 results on Thursday, August 5, 2021, at
5:00 p.m. (Eastern Time). We will issue a press release outlining
our financial results on that date and will also post it on our
website at www.viad.com prior to the call.
To join the live conference
call, please register at least 10 minutes before the start of the
call using the following link:
https://www.incommglobalevents.com/registration/client/8249/viad-corp-second-quarter-2021-earnings-call/.
After registering, an email confirmation will be sent that includes
dial-in information as well as unique codes for entry into the live
call. Registration will be open throughout the call. However, we
recommend that you register a day in advance to ensure access for
the full call.
A live audio webcast of the
call will also be available in listen-only mode through the
"Investors" section of our website. A replay of the webcast and
conference call will be available shortly after the
call.
June 30, 2021 Preliminary Liquidity
As of June 30, 2021, our total
available liquidity was approximately $196 million, comprising
approximately $37 million in unrestricted cash, approximately $114
million of available capacity on our revolving credit facility, and
an additional $45 million available to us through a delayed draw
commitment from Crestview Partners. These amounts are preliminary
and subject to change as we complete our closing
procedures.
Steve Moster, president and
chief executive officer, commented, “We ended the second quarter in
a solid liquidity position that was stronger than our prior
guidance of approximately $175 million. Pursuit continues to
experience strong advance bookings for its Glacier Park and Alaska
experiences, which are pacing ahead of 2019. Bookings for Pursuit’s
Banff Jasper Collection remain behind 2019 levels but are improving
as Canada continues to loosen restrictions with increased
vaccinations. We are also seeing increased business activity at GES
as most U.S. states have re-opened for live events.”
Debt Refinancing
We have commenced a process to refinance our existing $450
million Senior Secured Revolving Credit Facility, which matures in
2023, with a new senior secured credit facility that meaningfully
extends the maturity of our debt and provides increased financial
flexibility to support our growth initiatives.
The new facility is expected to comprise a $400 million Term
Loan B that matures in 2028 and a $100 million revolving credit
facility that matures in 2026. The proceeds from the Term Loan B
will be used to repay the existing revolving credit facility, which
had an outstanding balance of approximately $327 million at June
30, 2021, and for general corporate purposes. These transactions
are anticipated to be completed by early August.
Moster commented, “With the economic re-opening underway and the
favorable debt market environment, we believe the timing is right
to proactively refinance our existing credit facility ahead of its
2023 maturity. The new debt structure will provide a strong
foundation for us to continue our exciting growth journey,
including Refresh, Build, Buy investments at Pursuit.”
About Viad
Viad (NYSE: VVI) is a leading provider of experiential leisure
travel and live events and marketing experiences that generates
revenue and shareholder value through two businesses: Pursuit and
GES. Pursuit is a collection of inspiring and unforgettable travel
experiences in Alaska, Montana, the Canadian Rockies, Vancouver,
and Reykjavik, as well as new experiences in development in Las
Vegas and Toronto. Pursuit’s collection includes attractions,
lodges and hotels, and sightseeing tours that connect guests with
iconic places. GES is a global, full-service live events company
offering a comprehensive range of services to the world's leading
brands and event organizers. Our business strategy focuses on
providing superior experiential services to our customers and
sustainable returns on invested capital to our shareholders. Viad
is an S&P SmallCap 600 company. For more information, visit
www.viad.com.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words, and variations of words, such as “will,” “may,”
“expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,”
“estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,”
“target,” “outlook,” and similar expressions are intended to
identify our forward-looking statements. Similarly, statements that
describe our business strategy, outlook, objectives, plans,
intentions or goals also are forward-looking statements. These
forward-looking statements are not historical facts and are subject
to a host of risks and uncertainties, many of which are beyond our
control, which could cause actual results to differ materially from
those in the forward-looking statements.
Important factors that could cause actual results to differ
materially from those described in our forward-looking statements
include, but are not limited to, the following:
- the impact of the COVID-19 pandemic on our financial condition,
liquidity, and cash flow;
- our ability to anticipate and adjust for the impact of the
COVID-19 pandemic on our businesses;
- general economic uncertainty in key global markets and a
worsening of global economic conditions;
- travel industry disruptions;
- our ability to successfully integrate and achieve established
financial and strategic goals from acquisitions;
- our dependence on large exhibition event clients;
- the importance of key members of our account teams to our
business relationships;
- the competitive nature of the industries in which we
operate;
- unanticipated delays and cost overruns of our capital projects,
and our ability to achieve established financial and strategic
goals for such projects;
- seasonality of our businesses;
- transportation disruptions and increases in transportation
costs;
- natural disasters, weather conditions, and other catastrophic
events;
- our multi-employer pension plan funding obligations;
- our exposure to labor cost increases and work stoppages related
to unionized employees;
- liabilities relating to prior and discontinued operations;
- adverse effects of show rotation on our periodic results and
operating margins;
- our exposure to currency exchange rate fluctuations;
- our exposure to cybersecurity attacks and threats;
- compliance with laws governing the storage, collection,
handling, and transfer of personal data and our exposure to legal
claims and fines for data breaches or improper handling of such
data; and
- changes affecting the London Inter-bank Offered Rate and the
Canadian Dollar Offered Rate.
For a more complete discussion of the risks and uncertainties
that may affect our business or financial results, please see Item
1A, “Risk Factors,” of our most recent annual report on Form 10-K
filed with the SEC. We disclaim and do not undertake any obligation
to update or revise any forward-looking statement in this press
release except as required by applicable law or regulation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210713005460/en/
Carrie Long Investor Relations (602) 207-2681 ir@viad.com
Viad (NYSE:VVI)
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