Lincoln Educational Services Announces New $40 Million Revolving Credit Facility Increasing Capital Resource Flexibility

February 23, 2024

https://www.globenewswire.com/news-release/2024/02/23/2834618/0/en/Lincoln-Educational-Services-Announces-New-40-Million-Revolving-Credit-Facility-Increasing-Capital-Resource-Flexibility.html

Parsippany, NJ, Feb. 23, 2024 (GLOBE NEWSWIRE) — Lincoln Educational Services Corporation (Nasdaq:LINC) today announced that it has entered into a $40 million revolving credit facility with Fifth Third Bank. The credit agreement, which has a term of 36 months and matures on February 16, 2027, is for an aggregate principal amount of $40 million, including a $10 million sublimit for letters of credit and an additional accordion option to upsize the credit facility by an additional $20 million upon satisfaction of certain terms and conditions. The proceeds may be used for working capital, general corporate purposes and to support the Company’s strategic growth initiatives, including program and campus expansions.

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