Lincoln Educational Services Corporation (LINC) announced on April 15 2026 that it has amended and restated its revolving credit facility with Fifth Third Bank, raising the aggregate principal amount from $60 million to $125 million. The new facility includes a $10 million letter‑of‑credit sublimit and a $25 million accordion feature, providing an additional $65 million of available liquidity. The five‑year term matures on April 11 2031, giving the company long‑term access to capital as it pursues its 2027 revenue and EBITDA targets.
The expansion is designed to support LINC’s growth initiatives, including new campus development and program replication. Management highlighted that the credit line gives the company the financial flexibility needed to accelerate enrollment growth and capitalize on the growing demand for skilled‑trade training. “The amended and restated revolving credit facility, along with our strong balance sheet and robust cash flow, provides Lincoln with ample financial flexibility to achieve our long‑term growth objectives,” said President and CEO Scott M. Shaw.
LINC’s recent financial performance underscores the company’s momentum. In the fourth quarter of 2025, the company reported revenue of $142.9 million and earnings per share of $0.40, exceeding analyst expectations. The company also projected a 19‑20% increase in student starts for the first quarter of 2026, a figure that reflects strong demand for its programs. For full‑year 2026, LINC is guiding revenue of $580–$590 million and adjusted EBITDA of $72–$76 million, signaling continued growth and profitability.
Segment data reveal that the Transportation & Skilled Trades division grew 23% year‑over‑year, driven by robust enrollment in automotive technology and health sciences programs. This segment growth, combined with the company’s expansion into new campuses across 12 states, positions LINC to capture a larger share of the skills‑gap market. The credit facility expansion will provide the necessary capital to sustain this expansion trajectory.
Investors have responded positively to the announcement, citing LINC’s strong balance sheet, consistent student‑start growth, and clear long‑term revenue targets. The company’s ability to secure a $125 million credit line without diluting equity signals confidence in its cash‑flow generation and execution capabilities.
The credit facility expansion reinforces LINC’s long‑term growth strategy, which includes reaching $600 million in revenue by 2027 and $850 million by 2030. By securing additional liquidity, LINC is positioned to accelerate campus development, replicate successful programs, and maintain a robust financial foundation as it continues to meet the growing demand for skilled‑trade education.
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