Asure Software, Inc. (NASDAQ: ASUR) said it has announced the refinancing of the company´s existing senior debt under a new credit agreement with Wells Fargo Bank, N.A.
The Wells Fargo Bank facility has a new term loan of USD15m, a revolver of USD3.0m, with an additional uncommitted incremental loan facility of USD10m for future permitted acquisitions. The proceeds from the new term loan were used to extinguish the amounts outstanding under the existing loan agreement with Deerpath Funding, LP, which bore an interest rate of 11.5 percent, plus certain fees and expenses. With this refinancing, Asure Software will have a more favorable interest rate and lower cash principal repayments.
Asure Software, headquartered in Austin, Texas, offers cloud-based time and labour management and workspace management solutions that enable businesses to control labour, real estate and technology costs. For more information, visit www.asuresoftware.com