Lindblad Expeditions said it had raised $85 million with investors for the private placement of convertible preferred stock.
Sven-Olof Lindblad, Lindblad's CEO, said in a statement, "We know our guests are eager to travel again, and this investment provides us with additional financial flexibility as we prepare to return to exploring the world's most remarkable destinations."
Lindblad also said that the company has taken a variety of proactive measures to ensure it is sufficiently capitalized "to withstand this downturn and emerge in a position of strength."
The expedition cruise line said that it plans to resume operations "as soon as possible" and that the capital raised would support its needs through 2021, even in the event of an extended Covid-related shutdown.
Lindblad made headlines in May when it returned $6.6 million it received as part of the small business payroll protection program, following backlash faced by publicly traded companies that received loans after the program ran out of money before many small businesses' loans had been processed.
The net proceeds from the new investment will be used for general corporate purposes, the company said, adding that its liquidity position as of June 30 would have been approximately $187 million when factoring in the $85 million investment.
The investors include MSD Partners, Durable Capital, Headlands Capital, Deep Field Asset Management and Declaration Capital.
"Lindblad Expeditions is a world-class franchise with a unique offering of expedition travel experiences," said Dan Bitar, a representative of MSD. "We have admired the company and its team for many years and are excited to partner with them at this time."