Lindblad offers $650M senior secured notes due 2030, launches tender for 2027 notes, to redeem 2028 notes

LINDBLAD EXPEDITIONS HOLDINGS, INC.

Issuer proposes $650M aggregate principal of new senior secured notes due 2030, guaranteed and secured by first-priority lien.
Proceeds, with cash on hand, will fund tender for all $360M outstanding 6.750% 2027 notes and call of all 9.000% 2028 notes.
Tender offer for 2027 notes: early tender payment of $30 per $1,000, early deadline Aug 18, UST+50 bps total consideration.
Concurrent consent solicitation seeks to eliminate restrictive covenants and release collateral, subject to 50% and 75% thresholds.
Revolving credit facility to be upsized from $45M to $60M and maturity extended to five years from closing.

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