S&P rates Lindblad facility BB

S&P said it assigned its BB issue-level rating to Lindblad Expeditions Holdings Inc.'s proposed $245 million senior secured credit facility, consisting of a $45 million revolver due 2023 and a $200 million term loan due 2025.

The 2 recovery rating reflects an expectation for substantial (70% to 90%; rounded estimate: 80%) recovery in the event of a default.

The BB- corporate credit rating and negative outlook are unchanged.

“Lindblad is incurring additional debt with this proposed financing, which we believe will be available to support a heightened level of capital expenditures,” the agency said in a news release.

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