The amended senior secured facilities are for National Geographic Endurance, delivered earlier this year, for up to $107.7m, and for the under-construction National Geographic Resolution, scheduled for 2021 delivery, for up to $122.8m. No amortization payments for Resolution are due until delivery.
Both ships are from Ulstein Verft, with export credit financing provided by Garantiinstituttet for eksportkreditt and Eksportkreditt Norge AS.
Quarterly minimum liquidity requirement
A quarterly minimum liquidity covenant requires a minimum of $30m of total consolidated cash, including restricted cash. Failure to meet this will not trigger default but will cancel any unused deferred tranche capacity.
At May 31, Lindblad Expeditions had approximately $99.2m in unrestricted cash and $21.7m in restricted cash, the latter primarily deposits on future travel originating from US ports.
$10m to $15m monthly cash burn
The company estimated monthly cash usage while its vessels are not in operation at approximately $10m to $15m including ship and office operating expenses, necessary capital expenditures and interest and principal payments. This excludes passenger payments for future travel and requested cash refunds.
