Lindblad expeditions announces pricing for notes tender offer

NEW YORK - Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) announced Tuesday the pricing terms for its cash tender offer to purchase any and all outstanding 6.750% Senior Secured Notes due 2027. The move comes as the company manages its $629.23 million total debt position, with InvestingPro data showing a current ratio of 0.72, indicating tight liquidity conditions.

The offer, made through Lindblad’s wholly-owned subsidiary Lindblad Expeditions, LLC, sets the total consideration at $1,009.98 per $1,000 principal amount for notes validly tendered by the August 18 early tender deadline. This price includes an early tender payment of $30.00 per $1,000 principal amount.

Holders who tender their notes after the early deadline but before the September 3 expiration time will receive $979.98 per $1,000 principal amount, which excludes the early tender payment.

The pricing was determined by reference to a fixed spread of 50 basis points over the 4.147% yield of the 1.625% U.S. Treasury security due February 15, 2026.

In addition to the tender consideration, Lindblad will pay accrued and unpaid interest on the notes from August 15, 2025, to the settlement date.

The company has $360 million in principal amount of these notes outstanding. Citigroup Global Markets Inc. is serving as the sole dealer manager for the tender offer.

Lindblad Expeditions is a global expedition travel company that offers educational journeys across all seven continents through its six brands, including its co-branded expeditions with National Geographic.

The information in this article is based on a press release statement from the company.

In other recent news, Lindblad Expeditions Holdings, Inc. announced the early results of its cash tender offer for its outstanding 6.750% Senior Secured Notes due 2027. Approximately $263.3 million, or 73.1%, of these notes have been tendered, which fell slightly short of the 75% threshold needed to release the collateral securing the notes. Additionally, Lindblad Expeditions priced $675 million in 7.000% senior secured notes due 2030, an increase from the initially planned $650 million offering. This new issuance is expected to close around August 20, 2025, subject to customary closing conditions. The company had previously announced plans to offer $650 million in senior secured notes, guaranteed by Lindblad and certain subsidiaries. Meanwhile, Stifel raised its price target for Lindblad Expeditions to $18.00 from $17.00, maintaining a Buy rating. This adjustment reflects the company’s strong quarterly performance, with notable operational improvements such as increased load factors and improved EBITDA margins.

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