Core Viewpoint - Lindblad Expeditions Holdings, Inc. has announced the pricing terms for a cash tender offer to purchase its outstanding 6.750% Senior Secured Notes due 2027, indicating a strategic move to manage its debt obligations and optimize its capital structure [1][2]. Group 1: Tender Offer Details - The total consideration for the Notes accepted for purchase is based on a fixed spread and the bid side yield to maturity of a U.S. Treasury reference security, with the Reference Yield calculated at 4.147% [2][3]. - The total consideration includes an early tender payment of $30.00 per $1,000 principal amount of Notes validly tendered by the early tender deadline of August 18, 2025 [2][3]. - Holders who tender their Notes after the early tender deadline will receive $979.98 per $1,000 principal amount, which excludes the early tender payment [5]. Group 2: Financial Information - The outstanding principal amount of the 6.750% Senior Secured Notes due 2027 is $360 million [3]. - The total consideration for the Notes, including the early tender payment, is $1,009.98 per $1,000 principal amount [3][4]. - The issuer will also pay accrued and unpaid interest on the principal amount of Notes accepted for purchase from August 15, 2025, until the settlement date [6]. Group 3: Additional Information - Copies of the Offer to Purchase and Consent Solicitation Statement are available through Global Bondholders Services Corporation, the information agent for the Tender Offer [7]. - Citigroup Global Markets Inc. is engaged as the sole dealer manager for the Tender Offer [7].

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]

Core Viewpoint - Lindblad Expeditions Holdings, Inc. has announced the pricing of $675 million in senior secured notes, reflecting an increase of $25 million from the initial offering amount, aimed at refinancing existing debt and supporting corporate purposes [1][2]. Group 1: Offering Details - The new notes are priced at par with a 7.000% interest rate and are due in 2030 [1]. - The offering is expected to close around August 20, 2025, pending customary closing conditions [1]. - The notes will be senior obligations and secured by a first-priority lien on substantially all assets of the issuer and its guarantors [1]. Group 2: Use of Proceeds - Proceeds from the offering will be used to fund a tender offer for all outstanding 6.750% Senior Secured Notes due 2027 and to redeem all 9.000% Senior Secured Notes due 2028 [2]. - Any remaining proceeds will be allocated for general corporate purposes [2]. Group 3: Company Overview - Lindblad is a leader in global expedition travel, offering immersive journeys across all seven continents through various brands [5]. - The company collaborates with National Geographic to provide unique ship-based voyages that allow exploration of remote destinations [5]. - Lindblad's portfolio includes both ship-based and land-based expedition brands, focusing on wildlife, culture, and adventure experiences [5].

Core Viewpoint - Lindblad Expeditions Holdings, Inc. has initiated a cash tender offer to purchase all outstanding 6.750% Senior Secured Notes due 2027, totaling $360 million in principal amount [1][2]. Tender Offer Details - The tender offer includes a consent solicitation to amend the indenture governing the Notes, aiming to eliminate most restrictive covenants and release the Notes from secured debt status [2][9]. - The consent for the proposed amendments requires a majority of the outstanding Notes, while the collateral release requires at least 75% consent [2]. Financial Terms - The tender offer is set to expire on September 3, 2025, with an early tender deadline on August 18, 2025, where early participants will receive an additional payment [5][8]. - The total consideration for the Notes will be based on the yield to maturity of a specified U.S. Treasury reference security plus a fixed spread [7]. Settlement Dates - The expected settlement date for Notes tendered by the early deadline is August 20, 2025, while those tendered after will settle by September 5, 2025 [8]. Redemption Plans - The company plans to redeem any Notes not tendered by February 15, 2026, at 100% of the principal amount plus accrued interest [11]. Company Overview - Lindblad Expeditions is an expedition travel company focusing on ship-based and land-based travel, partnering with National Geographic for conservation and sustainable tourism initiatives [16][17].

Financial Data and Key Metrics Changes - Total company revenue for 2024 was $645 million, an increase of $75 million or 13% compared to 2023 [32] - Adjusted EBITDA for 2024 was $91.2 million, an increase of $20 million or 28% year-over-year [34] - Total company net loss available to stockholders improved to $35.8 million or $0.67 per diluted share, reflecting significant operational improvements [36] Business Line Data and Key Metrics Changes - Lindblad segment tour revenue was $423 million, an increase of $26 million or 7% compared to 2023, driven by a 2% increase in available guest nights and a 7% increase in net yield per available guest night to $1,170 [32][33] - Land Experiences tour revenues were $221 million, an increase of $49 million or 29% compared to 2023, attributed to additional trips and higher pricing [33] Market Data and Key Metrics Changes - Bookings for 2025 and 2026 are trending ahead of the prior year in both the Expedition and Land segments [16] - The 2025 program is nearly sold out, and 2026 is more than half booked [18] Company Strategy and Development Direction - The company aims to maximize revenue generation through higher occupancy, pricing, and deployment profitability [22] - Strategic initiatives include amplifying brand story through a new co-branded campaign with National Geographic and expanding sales channels [24][26] - Focus on international market expansion and enhancing operational efficiencies [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving and exceeding pre-pandemic occupancy levels in 2026 [42] - The company is optimistic about strong demand in the adventure travel market across both segments [40] Other Important Information - The company facilitated 45 conservation, education, and research initiatives in 2024, emphasizing its commitment to sustainability [21] - The acquisition of Wineland-Thomson Adventures contributed to revenue growth [33] Q&A Session Summary Question: Guidance on EBITDA and revenue expectations - Management noted strong double-digit EBITDA growth in 2024 and forecasted continued growth in 2025, while also investing in future growth opportunities [49] Question: Long-term growth strategy with new management - Management highlighted three key areas for value creation: organic growth, smart cost innovation, and opportunistic fleet growth [51][53] Question: Update on Disney sales partnership - The National Geographic Disney partnership is gaining momentum, with strong expectations for 2025 based on the groundwork laid in 2024 [58]