LINCOLN EDUCATIONAL SERVICES CORP (LINC): M&A transaction — Lincoln Educational closes Nashville campus sale for $33.8M, net gain ~$28.7M, plans new campus

LINCOLN EDUCATIONAL SERVICES CORP

Sold 16-acre Nashville campus to SLC Development affiliate for $33.8M; net proceeds ~$33.2M.
Property carrying value $4.5M; gain on sale ~$28.7M.
Leaseback allows rent-free occupation for 15 months; three extensions at $150k per 30-day term.
Will invest $15-$20M to build new Nashville campus; first year expected EBITDA neutral.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

LINCOLN EDUCATIONAL SERVICES CORP completed a disposition involving East Nashville Owner, LLC, an affiliate of SLC Development, LLC for $33.8 million (closed 2023-06-08).

Action: disposition
Counterparty: East Nashville Owner, LLC, an affiliate of SLC Development, LLC
Consideration: $33.8 million
Closing: 2023-06-08

Exact text from the filing

On June 8, 2023, Nashville Acquisition, LLC, a subsidiary of Lincoln Educational Services Corporation (the “Company”), consummated the previously reported contemplated sale of approximately 16 acres of property located at 1524 Gallatin Road, Nashville, Tennessee (the “Nashville Sale”), at which the Company operates its Nashville campus, to East Nashville Owner, LLC, an affiliate of SLC Development, LLC, a subsidiary of Southern Land Company (“SLC”), pursuant to the Contract for the Purchase of Real Estate, dated September 21, 2021, as amended (the “Sale Agreement”), for a purchase price of approximately $33.8 million.

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15 m&a transactions filed in the last 30 days. Browse all m&a transactions →

LINCOLN EDUCATIONAL SERVICES CORP filing history →

Source: SEC EDGAR

accession 0001140361-23-029516

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