Financing ·
Borrows $85M term loan to fund SEUS asset acquisition and refinance debt
ASURAsure Software Inc
Asure Software entered into a credit agreement with MUFG Bank, drawing an initial $85 million term loan from a new $115 million senior credit facility. The company used the proceeds to pay off approximately $62.6 million in outstanding obligations under its previous MidCap Financial debt and to fund the acquisition of certain assets from SEUS Seller for $26.5 million, paid via cash, a promissory note, and 1,206,141 shares valued at $8.29 per share. The new facility includes a $10 million revolving credit line and a $20 million delayed-draw term loan, with the initial loan maturing on October 15, 2031. Asure Software provides payroll tax management and benefits administration services.