LONG-TERM DEBT AND LEASE OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2017

LONG-TERM DEBT AND LEASE OBLIGATIONS [Abstract]

Long-term debt and lease obligations

Long-term debt and lease obligations consist of the following:

	March 31, 2017			December 31, 2016
Credit agreement (a)	$	29,156		$	-
Term loan (a)		-			44,267
		29,156			44,267
Less current maturities		(5,000	)		(11,713	)
	$	24,156		$	32,554

(a)On March 31, 2017, the Company entered into a secured revolving credit agreement (the “Credit Agreement”) with Sterling National Bank (the “Bank”) pursuant to which the Company obtained a credit facility in the aggregate principal amount of up to $55 million (the “Credit Facility”).  The Credit Facility consists of (a) a $30 million loan facility (“Facility 1”), which is comprised of a $25 million revolving loan designated as “Tranche A” and a $5 million non-revolving loan designated as “Tranche B” and (b) a $25 million revolving loan facility (“Facility 2”), which includes a sublimit amount for letters of credit of $10 million.  The Credit Facility replaces a term loan facility (the “Prior Credit Facility”) from a lender group led by HPF Service, LLC, which was repaid and terminated concurrently with the effectiveness of the Credit Facility.  The term of the Credit Facility is 38 months, maturing on May 31, 2020.

Scheduled maturities of long-term debt and lease obligations

Scheduled maturities of long-term debt and lease obligations at March 31, 2017 are as follows:

Year ending December 31,
2017	$	5,000
2018		-
2019		-
2020		25,000
	$	30,000