secwatch.observer — SEC 8-K summary
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Issuer:     ASURE SOFTWARE INC (ASUR)
CIK:        0000884144
Form:       8-K
Filed at:   2021-09-16T23:59:59+00:00
Accession:  0000884144-21-000013
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/884144/000088414421000013/0000884144-21-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/884144/000088414421000013/asur-20210910.htm
  HTML page:      https://secwatch.observer/filing/0000884144-21-000013

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer