ASURE SOFTWARE INC (ASUR) Form 8-K — Oct 16, 2026
Asure Software closed a new $115 million senior credit facility with MUFG Bank on October 15, 2026, drawing the full $85 million term loan at an initial rate of 7.04249% (SOFR + 3.00%) and maturing October 15, 2031. The facility also includes a $10 million revolver and a $20 million delayed-draw term loan, with a 3.50x net leverage covenant. The company used proceeds to pay off its MidCap Financial obligations — approximately $62.6 million including $2.4 million in prepayment and termination fees — refactoring its balance sheet at what appears to be more flexible, acquisition-friendly terms.
Key figures
- Debt Amount
- $115 million total senior credit facility ($85 million term loan drawn, $10 million revolver, $20 million delayed-draw term loan)
- Deal Value Usd
- $26.5 million (SEUS asset acquisition)
- Interest Rate
- 7.04249% initial rate on the Initial Loan Balance (Term SOFR + 3.00%)
- Maturity Date
- October 15, 2031
- Seller note
- $3.0 million, 3.00% interest, matures April 15, 2028
- Cash at closing
- $13.5 million
- Leverage covenant
- Consolidated Net Leverage Ratio max 3.50:1.00; Fixed Charge Coverage min 1.25:1.00
- Shares issued value
- $8.29 per share, $10.0 million aggregate
- Payoff amount midcap
- $62.6 million ($60.2M principal/interest + $2.4M prepayment/termination fees)
- Shares issued to seller
- 1206141
AI analysis
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