LINCOLN EDUCATIONAL SERVICES CORPORATION (NASDAQ:LINC) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01.
Completion of Acquisition or Disposition of Assets.
LINCOLN EDUCATIONAL SERVICES CORPORATION (NASDAQ:LINC) Files An 8-K Completion of Acquisition or Disposition of Assets
On August 14, 2017, New England Institute of Technology at Palm Beach, Inc. (“NEIT”), a wholly-owned subsidiary of Lincoln Educational Services Corporation (the “Company”), consummated the anticipated sale of the real property located at 2400 and 2410 Metrocentre Boulevard East, West Palm Beach, Florida, including the improvements and other personal property located thereon (the “West Palm Beach Property”) to Tambone Companies, LLC (“Tambone”), to a previously reported purchase and sale agreement (the “West Palm Sale Agreement”) entered into on March 14, 2017. to the terms of the West Palm Sale Agreement, as subsequently amended, the purchase price for the West Palm Beach Property was $15,750,000. As a result, the Company expects to record a non-cash gain on the sale in the amount of $1.5 million.
As previously reported, the West Palm Beach Property served as collateral for a short term loan in the principal amount of $8 million obtained by the Company from its lender, Sterling National Bank, on April 28, 2017, which matured upon the earlier of the sale of the West Palm Beach Property or October 1, 2017. Accordingly, on August 14, 2017, the Company repaid the term loan in an aggregate amount of $8.021 million, consisting of principal and accrued interest, concurrently with the consummation of the sale of the West Palm Beach Property.
The foregoing description of the terms of the West Palm Sale Agreement, as amended, is qualified in its entirety by reference to the West Palm Sale Agreement, as amended, a copy of which is filed as Exhibit 2.1 and incorporated herein by reference.
On August 16, 2017, the Company issued a press release announcing the closing of the sale of the West Palm Beach Property. A copy of the press release is filed as Exhibit 99.1 hereto and incorporated herein by reference.
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Financial Statements and Exhibits. |
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Exhibit |
Description |
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Purchase and Sale Agreement, dated March 14, 2017, between New England Institute of Technology at Palm Beach, Inc. and Tambone Companies, LLC, as amended by First Amendment to Purchase and Sale Agreement dated as of April 18, 2017, and as further amended by Second Amendment to Purchase and Sale Agreement dated as of May 12, 2017 |
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Press Release, dated August 16, 2017, issued by Lincoln Educational Services Corporation announcing the completion of the sale of the West Palm Beach property |
LINCOLN EDUCATIONAL SERVICES CORP ExhibitEX-2.1 2 ex2_1.htm EXHIBIT 2.1 Exhibit 2.1 PURCHASE AND SALE AGREEMENT THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of the Effective Date,…To view the full exhibit click here
About LINCOLN EDUCATIONAL SERVICES CORPORATION (NASDAQ:LINC)
Lincoln Educational Services Corporation is a provider of post-secondary education. The Company operates in two segments: Transportation and Skilled Trades, and Transitional. The Transportation and Skilled Trades segment offers academic programs in the disciplines of transportation and skilled trades (automotive, diesel, heating, ventilation and air conditioning (HVAC), welding and manufacturing). The Transitional segment includes operations that are being phased out and consists of its campus that is being taught out. It offers programs in automotive technology, skilled trades, which include HVAC, welding and computerized numerical control and electronic systems technology; healthcare services, which include nursing, dental assistant and pharmacy technician; hospitality services, which include culinary, therapeutic massage, cosmetology and aesthetics, and business and information technology, which includes information technology and criminal justice programs.