Lincoln Educational Services Corporation Announces Pricing of Public Equity Offering
WEST ORANGE, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Lincoln Educational Services Corporation (Nasdaq: LINC) (the "Company") today announced the pricing of a public offering of 5,500,000 shares of its common stock at a price to the public of $14.00 per share. Of these shares, 1,000,000 shares are being sold by the Company and 4,500,000 shares are being sold by selling stockholders. The Company and certain selling stockholders have granted the underwriters an option to purchase up to an additional 825,000 shares.
The offering was made under a shelf registration statement filed with the Securities and Exchange Commission and is expected to close on February 18, 2009. Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are the joint book-running managers. Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., J.P. Morgan Securities Inc. and Barrington Research Associates, Inc. are the co-managers of the offering.
The Company intends to use some or all of the net proceeds from the offering to repay a portion of the indebtedness outstanding under its credit facility, and the remainder, if any, for general corporate or working capital purposes. The Company will not receive any of the proceeds from the sale of shares of common stock by the selling stockholders.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering is being made by means of a prospectus and the related preliminary prospectus supplement only. Copies of the prospectus, the related preliminary prospectus supplement and the final prospectus supplement (when available) can be obtained from Credit Suisse Securities (USA) LLC, One Madison Avenue, New York, New York 10010, (800) 221-1037, and Barclays Capital Inc., c/o Broadridge, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717, Barclaysprospectus@broadridge.com Toll Free: 1 (888) 603-5847.
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a leading and diversified for-profit provider of career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults degree and diploma programs in five 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 36 campuses in 17 states under six brands: Lincoln Technical Institute, Lincoln College of Technology, Nashville Auto-Diesel College, Southwestern College, Euphoria Institute of Beauty Arts and Sciences and Briarwood College.
Statements in this press release regarding Lincoln's business which are not historical facts may be "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in Lincoln's Form 10-K for the year ended December 31, 2007 and in Lincoln's other filings 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 revise or update this news release to reflect events or circumstances after the date hereof.
