Lindblad Expeditions Raises $85 Million from Investors including Wealthy Family Offices

Posted on 08/27/2020


Listed company Lindblad Expeditions Holdings, Inc. entered into an agreement with a group of investors, including MSD Partners, L.P. (MSD Capital is the family office of Michael Dell), Durable Capital L.P., Headlands Capital, Pacific Investment Management Company LLC (PIMCO Red Stick Fund, L.P.), Deep Field Asset Management LLC (Deep Field Opportunities Fund, L.P.) and Declaration Capital LLC (the family office for Carlyle Group co-founder David Rubenstein), for the private placement of US$ 85 million of convertible preferred stock. Lindblad Expeditions Holdings is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiary, Natural Habitat Adventures, an adventure travel and ecotourism company with a focus on responsible nature travel.

The investor group have agreed to make an investment of $85 million in newly-issued Series A convertible preferred stock that carries a 6% dividend, which is payable in kind for 2 years and thereafter in cash or in-kind at the Company’s option. The preferred stock is convertible into shares of Lindblad common stock at a conversion price of US$ 9.50 per share, representing a premium of 23% to Lindblad’s 30-trading day volume-weighted average price. On an as-converted basis, the preferred stock will represent approximately 15.5% of the pro forma common shares outstanding.

Durable Capital Partners L.P. is an investment adviser founded by Henry Ellenbogen.

Advisors

Lindblad was represented in the transaction by Citigroup Global Markets Inc., as placement agent, and Latham & Watkins LLP, as legal advisor.

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