Shearman And Sterling

News February 04, 2022

Lindblad Expeditions’ $360 Million Offering of Secured Senior Notes

Shearman & Sterling advised Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as initial purchasers, in connection with the Rule 144A offering by Lindblad Expeditions, LLC (issuer) of $360 million aggregate principal amount of its 6.750% senior secured notes due 2027. The notes are guaranteed on a senior secured basis by Lindblad Expeditions Holdings, Inc. (Lindblad), the parent company of the issuer, and certain of Lindblad’s subsidiaries.

This offering was part of refinancing transactions undertaken by Lindblad, which included the prepayment in full all outstanding borrowings under the issuer’s existing credit facilities and the establishment of a new senior secured revolving credit facility.

Lindblad provides expedition cruising, land-based adventure travel and cycling touring experiences, fostering a spirit of exploration and discovery, using itineraries that feature up-close encounters with wildlife, nature, history and culture, and promote guest empowerment, human connections and interactivity. They currently operate a fleet of ten owned expedition vessels along with five additional seasonal chartered ships that operate across more than 40 remarkable destinations on all seven continents to provide their guests with extraordinary travel experiences. Their mission is to offer life-changing adventures around the world and pioneer innovative ways to allow their guests to connect with exotic and remote places.

The Shearman & Sterling team below included associates Corinna Pilon (Toronto – Capital Markets), Corinne McCrum, Crystal Gao (both New York – Capital Markets), Eric Elzweig (Menlo Park – Intellectual Property Transactions), Sydney Kane (New York – Tax), Caleb Chua, Tyler Hawley and Carly Cha (all New York – Finance).

The Team