{"schema_version":"secwatch.filing_event.v1","accession":"0001140361-24-009235","form_type":"8-K","ticker":"LINC","cik":"0001286613","company_name":"LINCOLN EDUCATIONAL SERVICES CORP","filed_at":"2024-02-23T23:59:59+00:00","discovered_at":"2026-05-14T18:03:23.684676+00:00","generated_at":"2026-06-05T16:46:36.199417+00:00","sec_items":["1.01","2.03","8.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Lincoln Educational Services enters $40M revolving credit facility with Fifth Third Bank","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001140361-24-009235","json":"https://secwatch.observer/filing/0001140361-24-009235.json","markdown":"https://secwatch.observer/filing/0001140361-24-009235.md","text":"https://secwatch.observer/filing/0001140361-24-009235.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1286613/000114036124009235/0001140361-24-009235-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1286613/000114036124009235/ef20022241_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T16:46:36.199417+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"21b552a2303d3e6b31347b6ca3f5f51a4a5d99b9","claim":"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.","evidence_excerpt":"the Company, as borrower, has obtained a revolving credit facility in the aggregate principal amount of $40 million","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1286613/000114036124009235/0001140361-24-009235-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$40 million"},{"label":"Counterparty","value":"Fifth Third Bank, National Association"},{"label":"Rate","value":"Tranche Rate (SOFR for one or three months) plus Applicable Margin 1.75% to 2.50"},{"label":"Maturity","value":"February 16, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"600bd39a4027d4f9ce338a14794645b3f4fc9e5f","claim":"LINCOLN EDUCATIONAL SERVICES CORP entered into Credit Agreement with Fifth Third Bank, National Association valued at $40 million (effective 2024-02-16).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1286613/000114036124009235/0001140361-24-009235-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Fifth Third Bank, National Association"},{"label":"Value","value":"$40 million"},{"label":"Effective","value":"2024-02-16"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}