secwatch.observer — SEC 8-K summary
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Issuer:     LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK:        0001286613
Form:       8-K
Filed at:   2024-02-23T23:59:59+00:00
Accession:  0001140361-24-009235
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1286613/000114036124009235/0001140361-24-009235-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1286613/000114036124009235/ef20022241_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-009235

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