ASURE SOFTWARE INC (ASUR): debt financing — Asure Software enters $60M credit facility; $20M funded at closing

ASURE SOFTWARE INC

Up to $60M total; $20M funded on April 10, 2025; remaining $40M available through March 2027 subject to leverage ratio <4.50x.
Interest at Term SOFR + 5.00% (SOFR floor 2.00%); interest-only payments until April 1, 2029, then 12-month straight-line amortization.
Maturity April 1, 2030; covenants include Total Leverage Ratio ≤5.50:1 and minimum liquidity of 10% of outstanding loan.
Proceeds used for transaction fees, working capital, and future permitted acquisitions; prepayment penalties of 3%/2%/1% in first three years.
Guarantors include five Asure subsidiaries; administrative agent is MidCap Financial Trust.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ASURE SOFTWARE INC incurred credit facility of up to $60 million with MidCap Financial Trust at Term SOFR plus 5.00%, subject to a SOFR floor of 2.00% maturing April 1, 2030.

Instrument: credit facility
Principal: up to $60 million
Counterparty: MidCap Financial Trust
Rate: Term SOFR plus 5.00%, subject to a SOFR floor of 2.00%
Maturity: April 1, 2030
Event: incurrence

Exact text from the filing

On April 10, 2025, Asure Software, Inc. (the “Company”) entered into a Credit, Security and Guaranty Agreement (the “Agreement”), by and among the Company, Asure Operations LLC, Asure Customer & IP Holdco LLC, Asure Payroll Tax Management LLC, Asure Benefits Management LLC, Asure Treasury Management, LLC, MidCap Financial Trust (“MidCap”) and the lenders from time to time party thereto (such lenders collectively with MidCap, the “Lenders”). Under the Agreement, the Company may borrow up to $60 million from the Lenders, with $20 million funded as of the closing date of the Agreement (the “Closing Date”).

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Source: SEC EDGAR

accession 0001104659-25-033818

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