Lindblad Expeditions Holdings, Inc. (Nasdaq: LIND) today announced that it intends to offer $275,000,000 aggregate principal amount of senior secured notes due 2028, subject to market and customary conditions. The notes will be senior obligations of the Issuer and will be guaranteed by Lindblad Expeditions, LLC, the Issuer’s direct subsidiary, and certain of Expeditions’ subsidiaries and will be secured, subject to permitted liens and certain other exceptions, by first-priority liens on the stock and substantially all the assets of LEX Endurance Ltd. and Lindblad Bluewater II Limited, subsidiaries of the Issuer that hold two of its vessels: National Geographic Endurance and National Geographic Resolution (the “Mortgaged Vessels”).
Lindblad intends to use the net proceeds from the proposed offering to prepay in full all outstanding borrowings under its existing export credit facilities that were incurred to finance the Mortgaged Vessels. The remaining net proceeds will be used to fund the costs of the offering and for working capital and general corporate purposes, which may include strategic growth initiatives.
The notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state or foreign securities laws, and will be offered only to qualified institutional buyers in reliance on Rule 144A, and to persons outside the United States in compliance with Regulation S under the Securities Act. Unless so registered, the notes and the related guarantees may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release will not constitute an offer to sell or a solicitation of an offer to buy any notes or any other securities. The offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.
About Lindblad Expeditions Holdings, Inc.
Lindblad is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiaries, Natural Habitat, Inc., Off the Beaten Path LLC, DuVine Cycling + Adventure Co. and Classic Journeys, LLC.
Lindblad works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and promote conservation and sustainable tourism around the world. The partnership’s educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools.
