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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Outstanding long-term debt was as follows:
December 31, 2024December 31, 2023
Senior long-term debt:
Senior Secured Credit Facility$— $59,000 
Other debt:
Lines of credit29,989 10,864 
Notes payable and other debt23,761 40,009 
Total senior and other debt53,750 109,873 
Finance lease obligations and sale-leaseback financings48,395 57,568 
Total long-term debt and finance leases102,145 167,441 
Less: total unamortized deferred financing costs1,858 2,372 
Less: current portion of long-term debt and finance leases41,260 52,828 
Long-term debt and finance leases, less current portion$59,027 $112,241 
As of December 31, 2024, aggregate annual maturities of the senior and other debt, excluding finance lease obligations and sale-leaseback financings, were as follows:
Years Ended December 31,Senior and Other Debt
2025$34,001 
20261,681 
20273,887 
20284,622 
20299,559 
Thereafter— 
Total senior and other debt$53,750 

Senior Secured Credit Facility

Revolving Credit Facility

On September 18, 2023, the Company entered into a third amendment of its Senior Secured Credit Facility (as defined below) (the “Third Amendment”) to the Third Amended and Restated Credit Agreement, dated as of October 7, 2019 (the “Credit Agreement”; as amended by the First Amendment, dated as of July 20, 2020, the Second Amendment, dated as of December 23, 2022 and, as further amended by the Third Amendment, the “Amended Credit Agreement”). Among other things, the Company incurred a new tranche of revolving credit loans maturing September 18, 2028 (the “Series 2028 Tranche”). The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.”

The Amended Credit Agreement, among other things, provided for $145,000 of revolving credit loans, which matured on October 7, 2024 (the “Series 2024 Tranche”) and $155,000 of revolving credit loans under the Series 2028 Tranche for a $300,000 aggregate revolving credit facility (the “Revolving Credit Facility”). Given the maturity date of the Series 2024 Tranche, as of December 31, 2024, the borrowing capacity of the Revolving Credit Facility is $155,000. As a subfacility under the Revolving Credit Facility, the Amended Credit Agreement provides for letter of credit commitments in the aggregate amount of $10,000. The Amended Credit Agreement also provides, subject to the satisfaction of certain conditions, for incremental revolving and term loan facilities, at the request of the Company and subject to lender approval, not to exceed (i) the greater of (a) $172,500 and (b) 50% of the Company’s Consolidated EBITDA, plus (ii) additional amounts so long as both immediately before and after giving effect to such incremental facilities the Company’s Consolidated Senior Secured Debt to Consolidated EBITDA Ratio, as defined in the Amended Credit Agreement, on a pro forma basis, does not exceed 2.25 to 1.00, plus (iii) the aggregate amounts of any voluntary repayments of term loans, if any, and aggregate amount of voluntary repayments of revolving credit facilities that are accompanied by a corresponding termination or reduction of revolving credit commitments.

The maturity date for the Amended Credit Agreement is September 18, 2028. The Revolving Credit Facility bears interest at a per annum interest rate, at the option of the Company, at either the EURIBOR rate, the Term SOFR rate or the ABR rate plus an applicable margin of 2.50% per annum, 2.25% per annum, 2.00% per annum or 1.75% per annum for EURIBOR loans or Term SOFR loans, and 1.50% per annum, 1.25% per annum, 1.00% per annum or 0.75% per annum for ABR loans, in each case, based on the Company’s Consolidated Total Debt to Consolidated EBITDA ratio as defined in the Amended Credit Agreement.

As of December 31, 2024 and December 31, 2023, the Senior Secured Credit Facility had a total outstanding balance of $0 and $59,000, respectively.

Guarantors of the Senior Secured Credit Facility

Laureate Education, Inc. is the borrower under our Senior Secured Credit Facility. All of Laureate’s required United States legal entities, excluding certain subsidiaries that the Company considers dormant based on the lack of activity, are guarantors of the Senior Secured Credit Facility, and all of the guarantors’ assets, both real and intangible, are pledged as collateral. Additionally, not more than 65% of the shares held directly by Laureate Education, Inc. or any guarantors in non-domestic subsidiaries are pledged as collateral.
Estimated Fair Value of Debt

As of December 31, 2024 and December 31, 2023, the estimated fair value of our debt approximated its carrying value.

Certain Covenants

As of December 31, 2024, our Amended Credit Agreement contained certain negative covenants including, among others: (1) limitations on additional indebtedness; (2) limitations on dividends; (3) limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4) limitations on liens, guarantees, loans or investments. The Amended Credit Agreement also provides, solely with respect to the revolving credit facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Amended Credit Agreement, to exceed 3 as of the last day of each quarter commencing with the quarter ending December 31, 2019 and thereafter. The Amended Credit Agreement also provides that if less than 25% of the revolving credit facility is utilized as of that date, then such financial covenant shall not apply. As of December 31, 2024, this condition was satisfied and, therefore, we were not subject to the leverage ratio. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with these covenants as of December 31, 2024.

Debt Issuance Costs

Amortization of debt issuance costs and accretion of debt discounts that are recorded in Interest expense in the Consolidated Statements of Operations totaled approximately $584, $1,241 and $1,561 for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, our unamortized debt issuance costs were $1,858 and $2,372, respectively.

Other Debt

Lines of Credit

Individual Laureate subsidiaries have the ability to borrow pursuant to unsecured lines of credit and similar short-term borrowing arrangements (collectively, lines of credit). The lines of credit are available for working capital purposes and enable us to borrow and repay until those lines mature. At December 31, 2024 and 2023, the aggregate outstanding balances on our lines of credit were $29,989 and $10,864, respectively. At December 31, 2024, we had approximately $80,300 additional available borrowing capacity under our outstanding lines of credit. Interest rates on our lines of credit ranged from 5.10% to 5.65% and 7.63% to 7.70% at December 31, 2024 and 2023, respectively. Our weighted-average short-term borrowing rate was 5.46% and 7.67% at December 31, 2024 and 2023, respectively.

Notes Payable

Notes payable include mortgages payable that are secured by certain fixed assets, and an unsecured term loan. The notes payable have varying maturity dates and repayment terms through 2029. Interest rates on notes payable ranged from 5.09% to 11.74% and 5.09% to 13.00% at December 31, 2024 and 2023, respectively.

An unsecured term loan is held by one of our Mexican subsidiaries and was scheduled to mature in June 2024. During the second quarter of 2024, we entered into a loan modification, which extended the maturity of the loan to June 2029. The loan carries a variable interest rate based on the 28-day Mexican Interbanking Offer Rate (TIIE), plus an applicable margin, which is established based on the ratio of debt to EBITDA, as defined in the agreement (11.74% and 13.00% as of December 31, 2024 and 2023, respectively). Under the loan modification agreement, quarterly principal repayments resumed in December 2024, beginning at MXN 4,250 ($210 at December 31, 2024) and increasing to MXN 23,375 ($1,155 at December 31, 2024), with a balloon payment of MXN 170,000 ($8,404 at December 31, 2024) due at maturity. As of December 31, 2024 and December 31, 2023, the outstanding balance of this loan was $20,799 and $29,528, respectively.

In prior years, the Company obtained financing to fund the construction of two campuses at one of our institutions in Peru. As of December 31, 2024 and 2023, one loan remains outstanding, which matures in November 2025 and carries an interest rate of 5.09%. Principal payments, plus accrued and unpaid interest, are made semi-annually in April and October. As of December 31, 2024 and 2023, the outstanding balance of this loan was $2,962 and $5,835, respectively.