Lindblad Expeditions Holdings, Inc. Announces Early Results of Cash Tender Offer and Consent Solicitation for any and all of the 6.750% Senior Secured Notes due 2027 issued by Lindblad Expeditions, LLC

Core Viewpoint - Lindblad Expeditions Holdings, Inc. is conducting a Tender Offer to purchase its outstanding 6.750% Senior Secured Notes due 2027, along with a Consent Solicitation to amend the indenture governing these Notes [1][2][3] Group 1: Tender Offer Details - The Tender Offer aims to purchase all outstanding Notes for cash, with a total principal amount of $360 million [4] - As of the Early Tender Deadline on August 18, 2025, approximately $263.3 million, or 73.1% of the outstanding Notes, were validly tendered [6] - The Tender Offer is set to expire on September 3, 2025 [6] Group 2: Consent Solicitation - The Consent Solicitation seeks to obtain the necessary consents to eliminate restrictive covenants and release the Notes as secured debt [2] - The Covenant Requisite Consent has been received, allowing the Issuer to enter into a supplemental indenture [7] - However, the Collateral Release Requisite Consent was not obtained by the Early Tender Deadline [7] Group 3: Financial Considerations - Holders of Notes who tendered by the Early Tender Deadline will receive a Total Consideration that includes an Early Tender Payment of $30 per $1,000 principal amount [4][8] - The Total Consideration is designed to yield a return equivalent to the bid side yield to maturity of a specified U.S. Treasury reference security [10] - The Issuer's obligation to purchase the Notes is contingent upon meeting certain conditions outlined in the Offer to Purchase and Consent Solicitation Statement [11] Group 4: Future Actions - The Issuer plans to call for redemption of any Notes not tendered by February 15, 2026, at a redemption price of 100% of the principal amount plus accrued interest [12] - The Issuer has engaged Citigroup Global Markets Inc. as the sole dealer manager for the Tender Offer and Consent Solicitation [13]