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Our Private Equity Group provides trusted counsel derived from deep industry knowledge to established as well as up-and-coming private equity firms. We represent firms of every size across the spectrum of investment strategies, and we build long-standing relationships with our clients. As active participants in the private equity industry, we are able to advise our clients on the latest innovations, as well as current market practices and trends.

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 corporate partners Neil Goldman, Monica Thurmond, John Kennedy, Ross Fieldston and Kenneth Schneider and counsel Ji Lu and Patricia Vaz de Almeida; intellectual property partner Charles Googe; employee benefits partner Andrew Gaines; 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.

August 5, 2020

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