Lindblad Expeditions Holdings, Inc Enters into Senior Secured Credit Agreement
January 12, 2018 at 09:16 am EST
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On January 8, 2018, Lindblad Expeditions Holdings, Inc. and its indirect, wholly-owned subsidiary entered into a senior secured credit agreement with Citibank, N.A., London Branch ('Citi') and Eksportkreditt Norge AS. Pursuant to the Credit Agreement, the Lenders have agreed to make available to the Borrower, at the Borrower's option and subject to certain conditions, a loan in an aggregate principal amount not to exceed $107,694,892 for the purpose of providing financing for up to 80% of the purchase price of the Company's new expedition ice-class cruise vessel targeted to be completed in January 2020. the Borrower's election, the loan will bear interest either at a fixed interest rate effectively equal to 5.78% or a floating interest rate equal to three-month LIBOR plus a margin of 3.00% per annum. The loan will amortize quarterly based on a twelve-year profile, with 70% maturing over twelve years from drawdown, and 30% maturing over five years from drawdown. The loan will be secured by a first priority mortgage over the new vessel and the assignment of related insurances. The Credit Agreement also contains customary events of default and mandatory prepayment events for, among other things, non-payment, breach of covenants, default on certain other indebtedness, certain large judgments and a change of control of the Company or the Borrower.
Lindblad Expeditions Holdings, Inc. is an expedition travel company. It is focused on ship-based voyages through its Lindblad Expeditions brand and land-based travel through its subsidiaries, Natural Habitat, Inc. (Natural Habitat), Off the Beaten Path LLC (Off the Beaten Path), DuVine Cycling + Adventure Co. (DuVine) and Classic Journeys, LLC (Classic Journeys). Its segments include Lindblad and Land Experiences. The Lindblad segment includes ship-based expeditions aboard customized, nimble and intimately scaled vessels that are designed for discovery, enabling it to venture where larger cruise ships cannot, thereby allowing Lindblad to offer up-close experiences in the planetâs wild and remote places and capitals of culture. The Land Experiences segment includes land-based adventure brands, providing tours, trips and journeys centered around nature and culture. The Land Experiences includes four land-based brands: Natural Habitat, DuVine, Off the Beaten Path and Classic Journeys.