Lindblad Expeditions Holdings has entered into an agreement with a team of investors—MSD Companions, L.P., Strong Capital L.P., Headlands Capital, Deep Industry Asset Management LLC and Declaration Capital—for the personal placement of $85 million of convertible most well-liked inventory.
The organization claimed in a assertion that this will enrich Lindblad’s economical versatility, boosting cash reserves to aid latest operations and probable long term expansion, and that it also will aid liquidity wants as a result of 2021, even in the event of an extended COVID-19 shutdown.
“Since the world wide COVID-19 pandemic commenced, we have taken a wide range of proactive measures to be certain that Lindblad is sufficiently capitalized to withstand this downturn and arise in a placement of energy,” said Sven-Olof Lindblad, Lindblad’s president and CEO, in a press announcement. “I am content to report that we have secured $85 million of extra capital from this fantastic, diversified team of seasoned long-time period buyers.”
Lindblad ongoing, “We know our attendees are eager to travel again and this investment gives us with extra economical versatility as we get ready to return to exploring the world’s most remarkable locations.”
Internet proceeds from the investment will be used for typical company reasons. On a pro forma foundation, Lindblad’s liquidity placement at June 30, 2020 would have been somewhere around $187 million when factoring in this $85 million investment.
Phrases of the Deal
The buyers have agreed to make an investment of $85 million in newly-issued convertible most well-liked inventory that carries a six per cent dividend, payable in type for two years and thereafter in cash or in-type at the company’s option. The most well-liked inventory is convertible into shares of Lindblad typical inventory at a conversion cost of $nine.50 for each share, representing a top quality of 23 percent to Lindblad’s 30-trading working day volume-weighted common cost. On an as-converted foundation, the most well-liked inventory will stand for somewhere around 15.five percent of the pro forma typical shares fantastic.
“We have been overwhelmed by the enthusiastic reaction to this offering and are thrilled to incorporate these a significant-high quality established of worth-incorporate buyers supporting the organization,” claimed Mark Ein, Lindblad’s chairman. “We imagine this capital will not only protected our return to operations but, together with aid from our dedicated trader foundation, will also placement us to be offensive in pursuing options to speed up the expansion of our platform coming out of the pandemic.”
About Lindblad Expeditions Holdings
Lindblad Expeditions Holdings, Inc. is an expedition travel organization that focuses on ship-based mostly voyages as a result of its Lindblad Expeditions model and on land-based mostly travel as a result of its subsidiary, Normal Habitat Adventures, an experience travel and ecotourism organization with a concentration on liable character travel.
Lindblad Expeditions works in partnership with Countrywide Geographic to create marine expedition plans and to boost world wide conservation and sustainable tourism. The partnership’s educationally oriented voyages allow for attendees to interact with and discover from scientists, naturalists and scientists, when attendees look at and explore eco-programs (both of those above and down below the sea) through condition-of-the-art exploration tools.
Normal Habitat companions with the Globe Wildlife Fund to offer and boost conservation and sustainable travel. Adventures incorporate polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures and African safaris.
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