Lindblad Expeditions, a provider of expedition cruises and adventure travel experiences, refinanced its existing senior secured term loan and revolving credit facility. JPMorgan Chase, Credit Suisse and Citibank acted as joint book-runners, joint lead arrangers and syndication agents for the transaction.
The new $200 million seven-year term loan will bear interest at LIBOR + 3.50%, with a potential step down to LIBOR + 3.25% depending on the company’s credit rating. The new $45 million five-year revolver will bear interest at LIBOR + 3.00%.
The pricing of the new term loan and revolving credit facility reflects a one percentage point rate reduction compared to the prior $175 million term loan and $45 million revolver. Additionally, the covenants were modified to provide the Linblad with additional strategic and operational flexibility.
The proceeds from the new term loan were utilized to pay down the existing term loan with the remaining additional proceeds to be used for general corporate purposes.
