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LONG-TERM DEBT AND LEASE OBLIGATIONS (Details)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Jul. 31, 2015
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2015
USD ($)
Lender
Dec. 31, 2014
USD ($)
Long-term debt and lease obligations [Abstract]        
Long term debt and capital lease obligations   $ 79,481 $ 79,481 $ 65,181
Less current maturities   (6,328) (6,328) (30,471)
Long-term debt and lease obligations   $ 73,153 $ 73,153 34,710
Interest rate of debt instrument   11.00% 11.00%  
Percentage of outstanding principal balance of loan     10.00%  
Percentage of principal amount prepaid but not including in the second anniversary     5.00%  
Percentage of principal amount prepaid but not including in the third anniversary     3.00%  
Scheduled maturities of long-term debt and lease obligations [Abstract]        
2015   $ 121 $ 121  
2016   6,384 6,384  
2017   2,610 2,610  
2018   5,275 5,275  
2019   33,388 33,388  
Thereafter   22,031 22,031  
Long term debt and capital lease obligations   69,809 $ 69,809  
90-day LIBOR [Member]        
Long-term debt and lease obligations [Abstract]        
Debt instrument, basis spread on variable rate     9.00%  
Credit Agreement [Member]        
Long-term debt and lease obligations [Abstract]        
Long-term line of credit [1]   0 $ 0 $ 30,000
Number of lenders | Lender     3  
Interest rate of credit facility       7.25%
Revolving Credit Facility [Member]        
Long-term debt and lease obligations [Abstract]        
Expiration date of credit facility     Apr. 05, 2016  
Repayment of outstanding principal, accrued interest and fees $ 6,300      
Proceeds for remaining loan amount 13,800      
Revolving Credit Facility [Member] | Bank of America and Other Lenders [Member]        
Long-term debt and lease obligations [Abstract]        
Long-term line of credit 20,000      
Letter of Credit [Member]        
Long-term debt and lease obligations [Abstract]        
Cash collateral amount 7,400      
Term Loan Agreement [Member]        
Long-term debt and lease obligations [Abstract]        
Long-term line of credit   44,650 $ 44,650 $ 0
Outstanding term loan 45,000      
Expiration date of credit facility     Jul. 31, 2019  
Short-term debt   5,800 $ 5,800  
Aggregate repayments of the Loan   400 15,000  
Default of indebtedness amount to cause breach of covenant     500  
Judgment amount to cause breach of covenant     1,000  
Commitment fee     1,000  
Amount of fees for term loan   2,800 2,800  
Term Loan Agreement [Member] | HPF Holdco, LLC and Rushing Creek 4, LLC [Member]        
Long-term debt and lease obligations [Abstract]        
Outstanding term loan 30,000      
Term Loan Agreement [Member] | Alostar Bank of Commerce [Member]        
Long-term debt and lease obligations [Abstract]        
Outstanding term loan 15,000      
Cash collateral amount $ 15,300      
Finance Obligation [Member]        
Long-term debt and lease obligations [Abstract]        
Finance obligation [2]   9,672 9,672 9,672
Capital Lease-Property (rate of 8.0%) [Member]        
Long-term debt and lease obligations [Abstract]        
Finance obligation [3]   $ 25,159 $ 25,159 $ 25,509
Interest rate of debt instrument   8.00% 8.00%  
[1] On July 31, 2015, the Company entered into a credit agreement (the "Term Loan") with three lenders, Alostar Bank of Commerce ("Alostar"), HPF Holdco, LLC and Rushing Creek 4, LLC, led by HPF Service, LLC, as administrative agent and collateral agent (the "Agent"), for an aggregate principal amount of $45 million (the "Loan"). The Loan consists of a $30 million term loan from HPF Holdco, LLC and Rushing Creek 4, LLC secured by a first priority lien in favor of the Agent on substantially all of the real and personal property owned by the Company, and a $15 million term loan from Alostar secured by a $15.3 million cash collateral account. At the Borrowers' request, a percentage of the cash collateral may be released to the Borrowers in the Agent's sole discretion and with the consent of Alostar upon the satisfaction of certain criteria as outlined in the Term Loan. The Loan, which matures on July 31, 2019, replaces the Company's previously existing $20 million revolving credit facility with Bank of America, N.A. and other lenders, which was due to expire on April 5, 2016. The previously existing revolving credit facility was terminated concurrently with the effective date of the Term Loan on July 31, 2015 (the "Closing Date"). A portion of the proceeds of the Loan were used by the Company to (i) repay approximately $6.3 million in outstanding principal, accrued interest and fees due under the previously existing revolving credit facility, (ii) fund the $15.3 million cash collateral account securing the portion of the Loan provided by Alostar, (iii) fund approximately $7.4 million in a cash collateral account securing the letters of credit issued under the previously existing revolving credit facility that remain outstanding after the termination of that facility and (iv) pay transaction expenses in connection with the Loan and the termination of the previously existing revolving credit facility. The remaining proceeds of the Loan of approximately $ 13.8 million may be used by the Borrowers to finance capital expenditures and for general corporate purposes consistent with the terms of the Term Loan. Interest will accrue on the Loan at a per annum rate equal to the greater of (i) 11% or (ii) 90-day LIBOR plus 9% determined monthly by the Agent and will be payable monthly in arrears. The principal balance of the Loan will be repaid in equal monthly installments, commencing on August 1, 2017, determined as the quotient of (i) 10% of the outstanding principal balance of the Loan as of July 2, 2017 divided by (ii) 12. A final installment of principal and all accrued and unpaid interest will be due on the maturity date of the Loan. The Loan may be prepaid in whole or in part at any time, subject to the payment of a prepayment premium equal to (i) 5% of the principal amount prepaid at any time up to but not including the second anniversary of the Closing Date and (ii) 3% of the principal amount prepaid at any time commencing on the second anniversary of the Closing Date up to but not including the third anniversary of the Closing Date. In the event of any sale or other disposition of a school or real property by the Company permitted under the Term Loan, the net proceeds of such sale or disposition must be used to prepay the Loan in an amount determined pursuant to the Term Loan, subject to the applicable prepayment premium; provided, however, that no prepayment premium will be due with respect to up to $15 million of aggregate repayments of the Loan made during the first year that the Loan is outstanding. A portion of the net cash proceeds of any disposition of a school in an amount determined pursuant to the terms of the Term Loan, must be deposited and held as cash collateral in a deposit account controlled by the Agent until the conditions for release set forth in the Term Loan are satisfied. [Add language about short term debt] For the three months ended September 30, 2015, $0.4 million of the Term Loan was repaid in connection with the Company's sale of real property located in Springdale, Ohio. The Company had $44.7 million outstanding under the Term Loan as of September 30, 2015. The Company had $30.0 million outstanding under its previously existing revolving credit facility as of December 31, 2014 which was repaid on January 3, 2015. The interest rate on this borrowing was 7.25%. The Term Loan contains customary representations, warranties and covenants such as minimum financial responsibility composite score, cohort default rate, and other financial covenants, including minimum liquidity, maximum capital expenditures, minimum fixed charge coverage ratio, maximum 90/10 ratio and minimum EBITDA (as defined in the Term Loan), as well as affirmative and negative covenants and events of default customary for facilities of this type. The Company was in compliance with all covenants as of September 30, 2015. The Term Loan contains includes events of default, the occurrence and continuation of which provide lender with the right to exercise remedies against the Company and the collateral securing the loans under the credit facility, including our cash. These events of default include, among other things, our failure to pay any amounts due under the credit facility, a breach of covenants under the credit facility, our insolvency and the insolvency of our subsidiaries, the occurrence of a material adverse effect, the occurrence of any default under certain other indebtedness, and a final judgment against us in an amount greater than $500,000. Also, in connection with the Term Loan, the Company paid to the Agent a commitment fee of $1.0 million and is required to pay to the Agent other customary fees for facilities of this type. Total fees for the Term Loan were $2.8 million which are included in deferred finance charges on the consolidated balance sheet.
[2] The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retains a continuing involvement in the lease and, as a result, it is prohibited from utilizing sale-leaseback accounting. Accordingly, the Company has treated this transaction as a finance lease. The lease expires on December 31, 2016.
[3] In 2009, the Company assumed real estate capital leases in Fern Park, Florida and Hartford, Connecticut. These leases bear interest at 8% and expire in 2032 and 2031, respectively.