Asure Software enters $50M term loan facility, borrows initial $30M

ASURE SOFTWARE INC

Loan & Security Agreement with Structural Capital for up to $50M; $30M drawn at closing on Sept 10, 2021.
Interest rate = greater of 9.0% or Prime +5.75%, plus PIK interest of 1.00%-1.25% based on ARR ratio.
Interest-only payments through Oct 1, 2023 (extendable to Oct 1, 2024 if $8M EBITDA or $90M ARR achieved).
Proceeds used to repay ~$9.925M Wells Fargo facility, with remainder for growth and acquisitions.
Maturity Oct 1, 2025; financial covenants apply only if net cash position < $0.

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