Business
LINCOLN EDUCATIONAL SERVICES COMPLETES REAL ESTATE SALE OF DENVER AND GRAND PRAIRIE PROPERTIES SIGNIFICANTLY STRENGTHENING ITS BALANCE SHEET
Parsippany, NJ, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (NASDAQ: LINC), marking 75 years in 2021 as a national leader in
About this update from Lincoln Educational Services Corporation
[{"type":"text","content":"Parsippany, NJ, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (NASDAQ: LINC), marking 75 years in 2021 as a national leader in specialized technical training, has completed the sale and lease-back transactions of its Denver, CO and Grand Prairie, TX properties for an aggregate sale price of $46.5 million. Simultaneously, Lincoln entered into a 20-year triple-net lease agreement for each property with renewal options. In connection with the sale, Lincoln anticipates recording a gain on sale of approximately $22 million in the fourth quarter of 2021. The transactions were initially announced in late September. At closing, part of the proceeds were used to pay off Lincoln’s outstanding term loan obligation of $16.8 million and to pay closing costs of approximately $1.2 million, resulting in net proceeds of $28.5 million available to fund growth initiatives, upgrade existing facilities, as well as other working capital needs. All campus operations at the Colorado and Texas campuses, including all training programs, will continue without interruption and will not be affected by these transactions. ### About Lincoln Educational Services Corporation Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults career-oriented programs 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. Lincoln currently operates 22 campuses in 14 states under four brands: Lincoln Technical Institute, Lincoln College of Technology and Euphoria Institute of Beauty Arts and Sciences. Lincoln also operates Lincoln Culinary Institutes in both Maryland and Connecticut. 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,” ...