Lindblad launches $245 million credit facilities to investors

By Sara Rosenberg

New York, March 13 – Lindblad Expeditions Inc. was scheduled to hold a lender call at 3 p.m. ET on Tuesday to launch $245 million of credit facilities (B2/BB), according to a market source.

Credit Suisse Securities (USA) LLC, JPMorgan Chase Bank and Citigroup Global Markets Inc. are the lead arrangers on the deal.

The facilities consist of a $45 million revolver and a $200 million seven-year first-lien term loan, the source said.

Price talk on the term loan is Libor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5, the source continued.

Included in the term loan is 101 soft call protection for six months and a maximum total net leverage covenant.

Commitments are due at 5 p.m. ET on March 21, the source added.

Proceeds will be used to refinance existing debt and add cash to the balance sheet.

Lindblad Expeditions is a New York-based expedition cruising and extraordinary adventure travel company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.