Lindblad Expeditions Hldgs Inc Stock Price, News & Analysis

Lindblad Expeditions Holdings announced the pricing of a private offering of $275 million in aggregate principal amount of 9.000% senior secured notes due 2028. The offering is expected to close on or about May 2, 2023, subject to customary conditions. These notes will be secured by first-priority liens on the stock and assets of its subsidiaries that operate the vessels National Geographic Endurance and National Geographic Resolution. The net proceeds from the offering will be used to prepay existing borrowings related to these vessels, with any remaining funds allocated for general corporate purposes and strategic growth initiatives. The notes are offered only to qualified institutional buyers under Rule 144A and outside the U.S. under Regulation S.

Lindblad Expeditions Holdings (NASDAQ: LIND) announced its earnings call for the first quarter of 2023, set for May 3, 2023, before market opening. Preliminary financial estimates show a significant increase in total tour revenues, projected between $141 million and $144 million, compared to $67.8 million in Q1 2022. Adjusted EBITDA is expected between $26 million and $28 million, a turnaround from a loss of $21.2 million a year prior. The company reported cash and equivalents of approximately $121 million as of March 31, 2023. Bookings for 2023 are approximately 46% ahead of pre-pandemic levels in 2019, indicating a strong recovery in demand.

Lindblad Expeditions Holdings intends to offer $275 million in senior secured notes due 2028, subject to market conditions. The offering will be guaranteed by its direct subsidiary, Lindblad Expeditions, LLC, and other subsidiaries, secured by first-priority liens on its vessels: National Geographic Endurance and National Geographic Resolution.

The net proceeds will primarily be used to prepay existing borrowings related to these vessels, with remaining funds allocated for offering costs and general corporate purposes, including potential growth initiatives. The offering is intended for qualified institutional buyers and is not registered under the Securities Act of 1933.

Lindblad Expeditions Holdings reported notable growth in 2022, with total revenue surging by $274.4 million year-over-year, reaching $421.5 million. The net loss available to stockholders improved to $116.1 million, compared to $124.7 million in 2021. Adjusted EBITDA loss decreased by $52.5 million to $11.5 million. The Lindblad segment saw a remarkable 236% increase in revenues, driving strong future bookings, which are 47% ahead of 2019 levels. The company refinanced debt for greater financial flexibility and launched the new National Geographic Islander II, enhancing operational capability in the Galapagos. For 2023, projected tour revenues are $550-$575 million.