Lincoln Educational Services Corp. (LINC) has released an update.
Lincoln Educational Services Corporation has secured a $40 million revolving credit facility from Fifth Third Bank to bolster its working capital and support general corporate activities. This financial package includes a $10 million letter of credit sublimit, a $20 million accordion feature for additional funding flexibility, and is backed by a first-priority lien on most of the company’s personal property. With a 36-month term and variable interest rates linked to SOFR or the Bank’s Prime Rate plus a margin that adjusts quarterly based on leverage ratios, the agreement aims to provide the company with a strategic financial lever to navigate its corporate needs efficiently.
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