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NEW YORK - Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND), with a current market capitalization of $711 million and total debt of $629 million, announced Tuesday that its wholly-owned subsidiary plans to offer $650 million in senior secured notes due 2030, subject to market conditions. According to InvestingPro data, the company’s short-term obligations currently exceed its liquid assets, making this refinancing particularly significant.
The expedition travel company, which has generated $100 million in EBITDA over the last twelve months, said in a press release that the notes will be guaranteed by Lindblad and certain subsidiaries, secured by a first-priority lien on substantially all assets of the issuer and guarantors.
Proceeds from the offering, combined with cash on hand, will fund a tender offer for any and all of Lindblad’s outstanding 6.750% Senior Secured Notes due 2027 and redeem all of its 9.000% Senior Secured Notes due 2028. The company will also call for redemption any 2027 notes not tendered in the offer.
The new notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons under Regulation S. The notes have not been registered under the Securities Act and cannot be sold in the United States without an exemption from registration requirements.
Lindblad Expeditions focuses on ship-based voyages through its Lindblad Expeditions brand and land-based travel through subsidiaries including Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomas Adventures.
The company operates in partnership with National Geographic to provide marine expedition programs and promote conservation and sustainable tourism globally.
In other recent news, Lindblad Expeditions Holdings reported better-than-expected earnings for the second quarter of 2025. The company posted an earnings per share of -$0.18, beating forecasts of -$0.28, and revenue reached $167.9 million, surpassing the expected $159.18 million. Additionally, Lindblad Expeditions has commenced a cash tender offer to purchase its outstanding 6.750% Senior Secured Notes due 2027, totaling $360 million. The company is also seeking consent from noteholders to modify the notes’ indenture by eliminating restrictive covenants and releasing collateral. In related developments, Stifel has raised its price target for Lindblad Expeditions to $18.00, maintaining a Buy rating. The firm cited significant operational improvements, including increased load factors and improved EBITDA margins. These developments reflect Lindblad’s ongoing strategic initiatives and financial performance.
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