Lindblad adds $45 million revolver, lifting agreement to $220 million

By Wendy Van Sickle

Columbus, Ohio, March 11 – Lindblad Expeditions Holdings, Inc. added a $45 million senior secured revolving credit facility in addition to its existing $175 million senior secured first-lien term loan facility under a March 7 amendment and restatement of its credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has a $5 million sub-facility for letters of credit.

Credit Suisse is the bookrunner, lead arranger and administrative agent of the agreement. Citibank, NA is the syndication agent, and SunTrust Bank is the documentation agent.

Borrowings under the new revolver will bear interest at Libor plus 400 basis points, and there is an annual commitment fee on undrawn amounts of 50 bps.

The term loan will continue to bear interest at Libor plus 450 bps with a 1% Libor floor.

The revolver will mature May 8, 2020. The term loan matures May 8, 2021.

At closing, the revolver was undrawn. Proceeds are to be used for general corporate and working capital purposes.

The restated credit agreement contains the same financial and operational covenants as the original credit agreement.

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

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