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NEW YORK - Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND), a $687 million market cap expedition travel company with strong revenue growth of 19% over the last twelve months, announced Tuesday that its subsidiary, Lindblad Expeditions, LLC, has launched a cash tender offer to purchase any and all of its outstanding 6.750% Senior Secured Notes due 2027, which currently total $360 million in aggregate principal amount. According to InvestingPro data, the company has shown impressive market performance with a 70% return over the past year.
The company is simultaneously conducting a consent solicitation to modify the notes’ indenture by eliminating most restrictive covenants and releasing the collateral currently securing the notes. These amendments require consent from holders of a majority of the outstanding notes, while the collateral release requires approval from 75% of noteholders. InvestingPro analysis reveals that Lindblad’s current ratio of 0.72 indicates some pressure on short-term liquidity, which may have influenced this refinancing decision.
Holders who tender their notes by the early deadline of August 18, 2025, will receive the "Total Consideration" which includes an early tender payment of $30 per $1,000 principal amount. Those tendering after the early deadline but before the September 3, 2025 expiration will receive the tender offer consideration without the early payment.
The total consideration will be calculated based on the yield of the 1.625% U.S. Treasury security due February 15, 2026, plus a fixed spread of 50 basis points.
Settlement for notes tendered by the early deadline is expected on August 20, 2025, while final settlement for later tenders is anticipated on September 5, 2025.
Lindblad also stated it intends to redeem any remaining notes on or after February 15, 2026, at the then-applicable redemption price of 100% of principal plus accrued interest.
The tender offer is subject to various conditions, including financing. Citigroup Global Markets Inc. is serving as the sole dealer manager for the tender offer.
Based on a press release statement, Lindblad Expeditions is an expedition travel company operating ship-based voyages through its Lindblad Expeditions brand and land-based travel through several subsidiaries. InvestingPro subscribers can access additional insights through the comprehensive Pro Research Report, which reveals 6 more key tips about the company’s financial health and growth prospects. The company maintains a healthy gross profit margin of 49% despite current market challenges.
In other recent news, Lindblad Expeditions Holdings Inc. reported better-than-expected financial results for the second quarter of 2025. The company posted an earnings per share (EPS) of -$0.18, outperforming the forecast of -$0.28, marking a positive surprise of 35.71%. Additionally, revenue reached $167.9 million, exceeding the expected $159.18 million. This strong performance reflects significant operational improvements, including increased load factors and improved EBITDA margins. In light of these results, Stifel raised its price target for Lindblad Expeditions from $17.00 to $18.00, maintaining a Buy rating. The research firm cited the company’s robust quarterly performance as the reason for the upgrade. These developments indicate a positive outlook for Lindblad Expeditions, as highlighted by the recent analyst actions.
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