LINCOLN EDUCATIONAL SERVICES CORP (LINC): debt financing — Lincoln Educational Services enters $40M revolving credit facility with Fifth Third Bank

LINCOLN EDUCATIONAL SERVICES CORP

Facility total $40M including $10M letter of credit sublimit and $20M accordion option (upsize to $60M).
Term 36 months, matures February 16, 2027; interest based on SOFR/Prime plus margins 1.75%-2.50% / 0.75%-1.50%.
Proceeds for working capital, general corporate, and strategic growth initiatives including campus expansions.
Company reports $80M cash, no existing debt; new facility provides up to $60M additional liquidity via accordion.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

LINCOLN EDUCATIONAL SERVICES CORP incurred revolving credit of $40 million with Fifth Third Bank, National Association at Tranche Rate (SOFR for one or three months) plus Applicable Margin 1.75% to 2.50 maturing February 16, 2027.

Instrument: revolving credit
Principal: $40 million
Counterparty: Fifth Third Bank, National Association
Rate: Tranche Rate (SOFR for one or three months) plus Applicable Margin 1.75% to 2.50
Maturity: February 16, 2027
Event: incurrence

Exact text from the filing

the Company, as borrower, has obtained a revolving credit facility in the aggregate principal amount of $40 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LINCOLN EDUCATIONAL SERVICES CORP entered into Credit Agreement with Fifth Third Bank, National Association valued at $40 million (effective 2024-02-16).

Action: entry
Agreement: credit facility
Counterparty: Fifth Third Bank, National Association
Value: $40 million
Effective: 2024-02-16

Exact text from the filing

On February 16, 2024, Lincoln Educational Services Corporation (the “Company”) entered into a secured credit agreement (the “Credit Agreement”) with Fifth Third Bank, National Association (the “Bank”), pursuant to which the Company, as borrower, has obtained a revolving credit facility in the aggregate principal amount of $40 million

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299 debt financings filed in the last 30 days. Browse all debt financings →

LINCOLN EDUCATIONAL SERVICES CORP filing history →

Source: SEC EDGAR

accession 0001140361-24-009235

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