Asure Software terminates $30.9M loan agreement, pays off debt with equity offering proceeds

ASURE SOFTWARE INC

Paid $30.9M to Structural Capital and Ocean II PLO to fully satisfy Loan Agreement and Note, including $30.6M principal/interest and $0.3M prepayment fee.
Payoff funded by net proceeds of ~$43M from recent common stock offering of 3.833M shares (including overallotment).
CEO Pat Goepel says paydown enhances cash flow, is accretive to earnings, and provides financial flexibility for organic growth and margin expansion.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ASURE SOFTWARE INC terminated Loan Agreement with Structural Capital Investments III, LP and Ocean II PLO LLC valued at approximately $30.9 million (effective 2023-09-12).

Action: termination
Agreement: credit facility
Counterparty: Structural Capital Investments III, LP and Ocean II PLO LLC
Value: approximately $30.9 million
Effective: 2023-09-12

Exact text from the filing

On September 12, 2023, we terminated our Loan and Security Agreement (the “Loan Agreement”) dated September 10, 2021, with Structural Capital Investments III, LP (“Structural” and together with the other lenders that are parties thereto, the “Lenders”), and Ocean II PLO LLC, as administrative and collateral agent for the Lenders (“Agent”), and our secured promissory note (the “Note”) with Agent evidencing our obligations under the Loan Agreement.

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Source: SEC EDGAR

accession 0000884144-23-000048

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