Lincoln Educational to monetize three campuses for $81M; net proceeds ~$60M after debt repayment

LINCOLN EDUCATIONAL SERVICES CORP

Sale-leaseback of Denver and Grand Prairie campuses for $46.5M; expected Q4 2021 close; $22M gain on sale.
Sale of Nashville campus for $34.5M; expected Q1 2022 close; $29M gain; rent-free leaseback for 12 months.
Combined net proceeds ~$80M; $17M to repay term loan; remaining ~$60M for growth and new Nashville campus buildout.
Annual interest savings ~$0.8M from debt repayment; plan to use NOLs to offset tax liability.
Transactions subject to due diligence and closing conditions; no assurance of consummation.

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