---
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"
generated_at: "2026-06-05T16:46:36.199417+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Lincoln Educational Services enters $40M revolving credit facility with Fifth Third Bank

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-009235
- JSON: https://secwatch.observer/filing/0001140361-24-009235.json
- Plain text: https://secwatch.observer/filing/0001140361-24-009235.txt

## Key facts
- Debt Financings
  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
  source text: the Company, as borrower, has obtained a revolving credit facility in the aggregate principal amount of $40 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1286613/000114036124009235/0001140361-24-009235-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1286613/000114036124009235/0001140361-24-009235-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.