LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND): debt financing — Lindblad Expeditions issues $275M of 9% Senior Secured Notes due 2028, repays export credit facilities

LINDBLAD EXPEDITIONS HOLDINGS, INC.

$275M aggregate principal of 9.000% Senior Secured Notes due 2028 issued on May 2, 2023.
Notes mature May 15, 2028; interest payable semiannually starting Nov 15, 2023.
Net proceeds used to prepay in full outstanding borrowings under existing Export Credit Facilities.
Notes are guaranteed on a senior secured basis by subsidiaries owning vessels National Geographic Endurance and Resolution.
Redemption options: make-whole prior to May 15, 2025; on/after at specified prices; up to 40% at 109% with equity offering proceeds.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

LINDBLAD EXPEDITIONS HOLDINGS, INC. incurred senior notes of $275,000,000 aggregate principal amount with Wilmington Trust, National Association at 9.000% per year maturing 2028-05-15.

Instrument: senior notes
Principal: $275,000,000 aggregate principal amount
Counterparty: Wilmington Trust, National Association
Rate: 9.000% per year
Maturity: 2028-05-15
Event: incurrence

Exact text from the filing

On May 2, 2023, Lindblad Expeditions Holdings, Inc. (the “Issuer”), entered into an Indenture, dated as of May 2, 2023 (the “Indenture”), among the Issuer, each of the guarantors named therein and Wilmington Trust, National Association, as trustee and collateral agent, governing the terms of the Issuer’s $275,000,000 aggregate principal amount of 9.000% Senior Secured Notes due 2028 (the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.97

LINDBLAD EXPEDITIONS HOLDINGS, INC. terminated Senior Secured Credit Agreement (Second Export Credit Facility) with Citibank, N.A. and Eksportkreditt Norge AS (together with Garantiinstituttet, now known as Eksfin, Export Finance Norway) (effective 2023-05-02).

Action: termination
Agreement: credit facility
Counterparty: Citibank, N.A. and Eksportkreditt Norge AS (together with Garantiinstituttet, now known as Eksfin, Export Finance Norway)
Effective: 2023-05-02

Exact text from the filing

(ii) that certain Senior Secured Credit Agreement, dated April 8, 2019 (together with the First Export Credit Facility, the “Export Credit Facilities”), among the Issuer and Lindblad Bluewater II Limited with Citibank, N.A. and Eksportkreditt Norge AS (together with Garantiinstituttet, now known as Eksfin, Export Finance Norway).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

LINDBLAD EXPEDITIONS HOLDINGS, INC. entered into Indenture with Wilmington Trust, National Association valued at $275,000,000 aggregate principal amount of 9.000% Senior Secured Notes due 2028 (effective 2023-05-02).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $275,000,000 aggregate principal amount of 9.000% Senior Secured Notes due 2028
Effective: 2023-05-02

Exact text from the filing

On May 2, 2023, Lindblad Expeditions Holdings, Inc. (the “Issuer”), entered into an Indenture, dated as of May 2, 2023 (the “Indenture”), among the Issuer, each of the guarantors named therein and Wilmington Trust, National Association, as trustee and collateral agent, governing the terms of the Issuer’s $275,000,000 aggregate principal amount of 9.000% Senior Secured Notes due 2028 (the “Notes”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.97

LINDBLAD EXPEDITIONS HOLDINGS, INC. terminated Senior Secured Credit Agreement (First Export Credit Facility) with Citibank, N.A. and Eksportkreditt Norge AS (together with Garantiinstituttet, now known as Eksfin, Export Finance Norway) (effective 2023-05-02).

Action: termination
Agreement: credit facility
Counterparty: Citibank, N.A. and Eksportkreditt Norge AS (together with Garantiinstituttet, now known as Eksfin, Export Finance Norway)
Effective: 2023-05-02

Exact text from the filing

on the Closing Date, the Issuer prepaid in full all obligations under, and terminated, (i) that certain Senior Secured Credit Agreement, dated January 8, 2018 (the “First Export Credit Facility”), among the Issuer and LEX Endurance Ltd. with Citibank, N.A. and Eksportkreditt Norge AS (together with Garantiinstituttet, now known as Eksfin, Export Finance Norway)

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Source: SEC EDGAR

accession 0001104659-23-055049

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