Lincoln Educational Services Announces New $40 Million Revolving Credit Facility Increasing Capital Resource Flexibility
24 2월 2024 - 3:37AM
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.
“This new revolving credit facility, complemented with an
already robust balance sheet, enhances additional financial
resources to execute our near- and longer-term growth initiatives,”
commented Scott Shaw, Lincoln’s President & CEO. “We remain
committed to our students and the proceeds from this credit
facility will allow Lincoln greater financial flexibility to
continue delivering positive student experiences. With $80
million in cash, no debt and a new credit facility providing up to
$60 million of additional liquidity with the potential accordion
option, Lincoln’s financial position is very strong allowing us to
create long lasting benefits to our students, our graduates, our
instructors, our corporate partners, and increasing returns to our
shareholders”.
Additional information regarding the terms of the new credit
facility are contained in a Form 8-K filed with the SEC.
ABOUT LINCOLN EDUCATIONAL SERVICES CORPORATION
Lincoln Educational Services Corporation is a leading provider
of diversified career-oriented post-secondary education helping to
provide solutions to America’s skills gap. Lincoln offers
career-oriented programs to recent high school graduates and
working adults in five principal areas of study: automotive
technology, health sciences, skilled trades, business and
information technology, and hospitality services. Lincoln has
provided the workforce with skilled technicians since its inception
in 1946 and currently operates 22 campuses in 13 states under 4
brands: Lincoln College of Technology, Lincoln Technical Institute,
Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts
and Sciences. For more information, please go to
www.lincolntech.edu.
FORWARD-LOOKING STATEMENTS
Statements in this press release and in oral statements made
from time to time by representatives of Lincoln Educational
Services Corporation regarding Lincoln’s business that are not
historical facts, including those made in a conference call, may be
“forward-looking statements” as that term is defined in the federal
securities law. The words “may,” “will,” “expect,” “believe,”
“anticipate,” “project,” “plan,” “intend,” “estimate,” and
“continue,” and their opposites and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements are based on information available at the time those
statements are made and/or management’s good faith belief as of
that time with respect to future events, and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved, if at
all. Generally, these statements relate to business plans or
strategies and projections involving anticipated revenues,
earnings, or other aspects of the Company’s operating results. Such
forward-looking statements include the Company’s current belief
that it is taking appropriate steps regarding the pandemic and that
student growth will continue. The Company cautions you that these
statements concern current expectations about the Company’s future
performance or events and are subject to a number of uncertainties,
risks, and other influences, many of which are beyond the Company’s
control, that may influence the accuracy of the statements and the
projects upon which the statements are based including, without
limitation, impacts related to the COVID-19 pandemic or other
epidemics or pandemics; our failure to comply with the extensive
regulatory framework applicable to our industry or our failure to
obtain timely regulatory approvals in connection with acquisitions
or a change of control of our Company; our success in updating and
expanding the content of existing programs and developing new
programs for our students in a cost-effective manner or on a timely
basis; risks associated with changes in applicable federal laws and
regulations; uncertainties regarding our ability to comply with
federal laws and regulations, such as the 90/10 rule and prescribed
cohort default rates; risks associated with the opening of new
campuses; risks associated with integration of acquired schools;
industry competition; our ability to execute our growth strategies;
conditions and trends in our industry; general economic conditions;
and other factors discussed in the “Risk Factors” section of our
Annual Reports and Quarterly Reports filed with the Securities and
Exchange Commission. All forward-looking statements are
qualified in their entirety by this cautionary statement, and
Lincoln undertakes no obligation to publicly revise or update any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date hereof.
Peter Tahinos
Lincoln Educational Services
973-766-9656
PTahinos@lincolntech.edu
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