Lindblad Expeditions – an American expedition travel company – raised $85M through a private placement of convertible preferred stock. Amongst the investors is the single family office of Michael Dell as well as the David M. Rubenstein family office.
Important capital raise from Dell and Rubenstein single family office
Lindblad Expeditions is one of the world’s leading expedition travel companies. The firm was founded by explorer Lars-Eric Lindblad, who were a forerunner of Antarctica tourist expeditions. Due to Corona, Lindblad’s stock price dropped from €15 (January 2020) to €3.25 (March 2020). Through the additional capital raised, the operations of the company are supported. Already in April, Samih Sawiris family office saved German travel group FTI.
Through a private placement, convertible preferred Series A shares worth $85M were issued. The stock brings a 6% with it that has to paid in 2 years. The convertible shares have a conversion price of $9.5 per share. In comparison to today’s prices that’s a 23% premium. The investors consist of Durable Capital, Deep Field Asset Management LLC, Durable Capital L.P., Headlands Capital, Pacific Investment Management Company LLC. Also, the single-family offices of Michael Dell (MSD Capital) and David M. Rubenstein (Declaration Partners) invested in the private placement.
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