Lindblad Expeditions announces early results of notes tender offer

NEW YORK - Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND), with a market capitalization of $752 million, announced Monday that holders of approximately $263.3 million, or 73.1%, of its outstanding 6.750% Senior Secured Notes due 2027 have tendered their notes in response to its cash tender offer.

The tender offer, conducted through Lindblad’s wholly-owned subsidiary Lindblad Expeditions, LLC, reached its early tender deadline on Monday. The company received sufficient consents to eliminate most restrictive covenants and certain affirmative covenants in the notes indenture, but fell short of the 75% threshold needed to release the collateral securing the notes. According to InvestingPro data, the company’s total debt stands at $629 million, with short-term obligations currently exceeding liquid assets.

Holders who tendered by the early deadline will receive the total consideration, which includes a $30 per $1,000 early tender payment. The price will be calculated based on the yield of the 1.625% U.S. Treasury security due February 2026, plus a fixed spread of 50 basis points.

The early settlement date is expected to occur on August 20, 2025. The tender offer remains open until September 3, 2025, though later participants will not receive the early tender payment.

Lindblad previously announced plans to redeem any remaining notes on or after February 15, 2026, at their face value plus accrued interest.

The expedition travel company’s tender offer remains subject to several conditions, including financing. Citigroup Global Markets Inc. is serving as the sole dealer manager for the tender offer.

According to the press release statement, Lindblad Expeditions is a leader in global expedition travel, offering educational journeys across all seven continents through its six brands, including a partnership with National Geographic. The company has demonstrated strong growth with revenue increasing 18.7% over the last twelve months, and its stock has delivered an impressive 76% return over the past year. InvestingPro subscribers can access detailed financial health scores and 8 additional key insights about LIND’s performance and outlook.

In other recent news, Lindblad Expeditions Holdings Inc. reported better-than-expected financial results for the second quarter of 2025. The company achieved an earnings per share (EPS) of -$0.18, outperforming the forecasted -$0.28, and generated revenue of $167.9 million, surpassing the expected $159.18 million. Additionally, Stifel has raised its price target for Lindblad Expeditions to $18.00 from $17.00, maintaining a Buy rating, citing the company’s strong quarterly performance.

Lindblad Expeditions announced the pricing of $675 million in senior secured notes due 2030, which is a $25 million increase from the initially planned offering. The notes will be issued at par and are expected to close around August 20, 2025, subject to customary closing conditions. Prior to this, the company had announced plans to offer $650 million in senior secured notes, subject to market conditions.

Furthermore, Lindblad Expeditions has commenced a cash tender offer to purchase any and all of its outstanding 6.750% Senior Secured Notes due 2027, totaling $360 million. The company is also conducting a consent solicitation to amend the notes’ indenture by removing most restrictive covenants and releasing the collateral securing the notes, pending approval from noteholders.

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