Lindblad Expeditions Holdings, Inc. Announces Proposed Private Offering of Senior Secured Notes


NEW YORK, January 20, 2022 /PRNewswire/ — Lindblad Expeditions Holdings, Inc. (Nasdaq: LIND) (“Lindblad” or the “Company”) today announced that its wholly-owned subsidiary, Lindblad Expeditions, LLC (the “Issuer”), intends to offer $340,000,000 aggregate principal amount of senior secured notes due 2027, subject to market and customary conditions. The Notes will be first ranking secured obligations of the Issuer and will be guaranteed by Lindblad and certain subsidiaries of Lindblad (other than the Issuer) (collectively, the “Note Guarantors”) and will be guaranteed, subject to the permitted liens and certain other exceptions, by first ranking privileges over substantially all of the assets of the Issuer and the Guarantors of the Notes.

Lindblad intends to use the net proceeds of the proposed offering to prepay all outstanding borrowings under its existing term loan, including the main street loan, and the revolving credit facility, to pay all related premiums and to fully terminate its existing credit agreement and covenants thereunder.

The Notes and related collateral have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state or foreign securities law, and will only be offered to qualified institutions. buyers on the basis of rule 144A, and to persons outside United States pursuant to Regulation S of the Securities Act. Unless so registered, the Notes and the security therein may not be offered or sold in United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release will not constitute an offer to sell or a solicitation of an offer to buy Notes or any other security. The Offer is not being made to a person in any jurisdiction in which the offer, solicitation or sale is unlawful.

About Lindblad Expeditions Holdings, Inc.

Lindblad is an expedition travel company focused on ocean travel through its Lindblad Expeditions brand and land travel through its subsidiaries, Natural Habitat, Inc., Off the Beaten Path LLC, DuVine Cycling + Adventure Co. and Classic Journeys, LLC.

Lindblad works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and to promote conservation and sustainable tourism around the world. The partnership’s educational trips allow guests to interact and learn from leading scientists, naturalists and researchers while experiencing stunning natural environments, above and below the sea, through the use of interactive tools. advanced exploration.

Forward-looking statements

Certain matters discussed in this press release are “forward-looking statements” intended to benefit from the safe harbor of liability established by the Private Securities Litigation Reform Act of 1995, including, but not limited to, plans financing of Lindblad, including the intention of the issuer of offer notes and the use of proceeds of the proposed offer. Statements including words such as “believe”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”, “estimate”, “plans”, “positioned “, “strategy”, “outlook” and similar expressions are intended to help identify forward-looking statements. You should carefully read statements that contain these types of words. Forward-looking statements reflect Lindblad’s current expectations, are based on judgments , are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause Lindblad’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied in such forward-looking statements Examples of such risks, uncertainties and other factors include, but are not limited to, the following risks, uncertainties and other factors: (i) suspension of operations ns, cancellation or rescheduling of trips and other potential disruptions to Lindblad’s business and operations related to the COVID -19 virus; (ii) the impacts of the COVID-19 virus on Lindblad’s financial condition, liquidity, results of operations, cash flow, employees, supply chain, plans and growth; (iii) the impacts of the COVID-19 virus on future travel and the cruise and airline industries generally; (iv) unforeseen disruptions to Lindblad’s business due to travel restrictions, weather events, mechanical failures, pandemics or other events; (v) changes that adversely affect the business in which we engage; (vi) the management of Lindblad’s growth and Lindblad’s ability to execute Lindblad’s planned growth, including Lindblad’s ability to successfully integrate acquisitions; (vii) Lindblad’s business strategy and plans; (viii) Lindblad’s ability to maintain Lindblad’s relationship with the National Geographic Society; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) compliance with financial and/or operational covenants in Lindblad’s debt agreements; (xi) negative publicity regarding the cruise industry in general; (xii) loss of business due to competition; (xiii) the outcome of future fundraising efforts; (xiv) delays and cost overruns related to the construction and delivery of newly built vessels; (xv) Lindblad’s ability to complete this offer; and (xvi) the risks described in the Company’s filings with the SEC. In addition, many of these risks and uncertainties are currently exacerbated by, and will continue to be exacerbated by, or in the future may be exacerbated by, the COVID-19 pandemic and any variant of COVID-19, including the variant Omicron. It is not possible to predict or identify all of these risks. Shareholders, potential investors and other readers are urged to carefully consider these factors when evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, events future or otherwise. More detailed information on factors that could affect the Company’s performance can be found in its filings with the SEC, which are available at or at http://www.expeditions .com in the Investor Relations section. of the Company’s website.

SOURCE Lindblad Expeditions Holdings, Inc.


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