Lindblad Expeditions Holdings’ wholly-owned subsidiary, Lindblad Expeditions has explained that the $360 mill aggregate principal amount of 6.75% senior secured notes due 2027 will have an issue price of $1,000 per $1,000 principal amount.
This statement was in connection with the originally announced private offering and represents an increase of $20 mill over the previously contemplated offering amount.
The notes will be senior secured obligations of the issuer and will be guaranteed by Lindblad and certain of Lindblad’s subsidiaries and will be secured, subject to permitted liens and certain other exceptions, by first-priority liens on substantially all the assets of the issuer and the note guarantors.
Lindblad said that it intended to use the net proceeds from the latest offering to prepay in full all outstanding borrowings under its existing term loan, including the main street loan and revolving credit facility, to pay any related premiums and to terminate in full its existing credit agreement and the commitments thereunder.
The company also stressed that the notes and related guarantees have not been and will not be, registered under the US Securities Act of 1933, as amended, or any applicable state or foreign securities laws.
They will be offered only to qualified institutional buyers and to persons outside the US in compliance with the Securities Act.