The new $200m, seven-year, senior secured term loan will bear interest at LIBOR plus 3.5%, with a potential step down to LIBOR plus 3.25% depending on the company's credit rating.
The new $45m, five-year, revolving credit facility will bear interest at LIBOR plus 3%.
The pricing of the new term loan and revolving credit facility reflects a one percentage point rate reduction compared to the prior $175m term loan and $45m revolving credit facility. Additionally, the terms were modified to provide Lindblad Expeditions with additional strategic and operational flexibility.
The proceeds from the new term loan were used to pay down the company's existing term loan with the remaining additional proceeds to be used for general corporate purposes.
Credit Suisse, JPMorgan Chase Bank and Citibank acted as joint book-runners, joint lead arrangers and syndication agents for the transaction.
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