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 Insights - Lindblad Expeditions Holdings, Inc. reported a 23% increase in revenue for Q2 2025, reaching $167.9 million, driven by strong performance in both the Lindblad and Land Experiences segments [4][13] - The company achieved an 86% occupancy rate, up from 78% in the same quarter last year, alongside a 139% increase in Adjusted EBITDA to $24.8 million [3][8] - The net loss available to stockholders improved to $9.7 million, a $16.1 million reduction compared to Q2 2024 [7][13] Financial Performance - Tour revenues for the Lindblad segment increased by 19% to $111.0 million, attributed to a 13% rise in net yield per available guest night to $1,241 [5][11] - The Land Experiences segment saw a 31% revenue increase to $56.9 million, benefiting from additional trips and higher pricing [6][11] - Adjusted EBITDA for the Lindblad segment rose by 150% to $16.3 million, while the Land Experiences segment's Adjusted EBITDA increased by 121% to $8.5 million [9][10] Balance Sheet and Liquidity - As of June 30, 2025, the company had cash and cash equivalents totaling $247.3 million, up from $216.1 million at the end of 2024 [12] - Total debt stood at $635.0 million, with the company in compliance with all applicable debt covenants [14] 2025 Outlook - The company anticipates full-year tour revenues between $725 million and $750 million, with Adjusted EBITDA projected to be between $108 million and $115 million [22][30] - A stock repurchase plan of $35.0 million is currently in place, with $12.0 million remaining as of July 31, 2025 [15]