Lindblad inks $107.7 million loan to finance 80% of new cruise vessel

By Susanna Moon

Chicago, Jan. 12 – Lindblad Expeditions Holdings, Inc. has lined up a loan for $107,694,892 to fund up to 80% of its new cruise vessel.

Interest on the loan will either be fixed at 5.78% or will be floating at Libor plus 300 basis points, at the company’s option.

Lindblad and its indirect wholly owned subsidiary entered into a senior secured credit agreement on Jan. 8 with Citibank, NA, London Branch and Eksportkreditt Norge AS, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the loan will fund up to 80% of the purchase price of the company’s expedition ice-class cruise vessel targeted for completion in January 2020.

The loan will amortize quarterly based on a 12-year profile, with 70% maturing over 12 years from drawdown and 30% maturing over five years from drawdown.

Seventy percent of the loan will be guaranteed by Garantiinstituttet for eksportkreditt, the official export credit agency of Norway, the filing noted.

If drawn, the loan will be made at the time the vessel is delivered.

The loan will be secured by a first priority mortgage over the new vessel and the assignment of related insurances.

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

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