Lindblad to price $340 million five-year secured notes on Friday

By Paul A. Harris

Portland, Ore., Jan. 20 – Lindblad Expeditions, LLC expects to price a $340 million offering of five-year senior secured notes (B3/B-) on Friday, according to a syndicate source.

The deal was set to kick off on a Thursday conference call with investors.

Citigroup Global Markets Inc. is the left bookrunner. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101% poison put.

The New York-based provider of expedition cruises and adventure travel experiences plans to use the proceeds to refinance its senior secured term loan and the drawn amount under its revolver.

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