8-K 1 lindb20200410_8k.htm FORM 8-K lindb20200410_8k.htm





Washington, DC 20549





Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): April 10, 2020



(Exact name of registrant as specified in its charter)







(State or other jurisdiction
of incorporation)


File Number)


(IRS Employer
Identification No.)


96 Morton Street, 9th Floor, New York, New York



(Address of principal executive offices)


(Zip Code)


Registrant’s telephone number including area code: (212) 261-9000


Securities registered pursuant to Section 12(b) of the Act:


Title of each class


Trading Symbol(s)


Name of each exchange on which registered






Common Stock, par value $0.0001 per share




The NASDAQ Stock Market LLC


(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐





1.01       Entry into a Material Definitive Agreement


The information under Item 2.03 herein is incorporated herein by reference.


2.03       Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.


On April 10, 2020, Lindblad Expeditions Holdings, Inc. (“Lindblad”, the “Company”) received a U.S. Small Business Administration Loan (“SBA Loan”) from Citibank, N.A. related to the COVID-19 crisis in the amount of $6.6 million primarily for payroll costs. Under the Paycheck Protection Program Loan Note (the “Promissory Note”), the SBA Loan has a fixed interest rate of 1%, a maturity date of April 9, 2022, and no payments are due on the SBA Loan for six months. Pursuant to the terms of the SBA Loan and Promissory Note, the Company may apply for forgiveness of the amount due on the SBA Loan in an amount equal to the sum of the following costs incurred by the Company during the 8-week period (or any other period that may be authorized by the U.S. Small Business Association) beginning on the date of first disbursement of the loan: payroll costs, any payment of interest on a covered mortgage obligation, payment on a covered rent obligation, and any covered utility payment. The amount of SBA Loan forgiveness shall be calculated in accordance with the requirements of the Paycheck Protection Program, including the provisions of Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), although no more than 25% of the amount forgiven can be attributable to non-payroll costs.


8.01       Other Events                                                                             


The Company announced today that it is rescheduling or rebooking, as applicable, all voyages scheduled to sail during the month of May 2020 due to travel restrictions from the global spread of the COVID-19 virus. To date, Lindblad has not had any known cases of COVID-19 aboard any of its ships, and all vessels have disembarked their passengers. The Company has also updated its cancellation policies, the terms of which vary by destination and sailing date, to permit cruisers more flexibility to cancel certain upcoming cruises and elect to receive future cruise credits. In addition, during March 2020, the Company drew down on its $45 million senior secured revolving credit facility and had unrestricted cash on its balance sheet of approximately $137 million as of March 31, 2020.









Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.







April 14, 2020


/s/ Craig I. Felenstein



Craig I. Felenstein
Chief Financial Officer