Asure Closes $115M MUFG Credit Facility, Repays MidCap, Buys Payroll Assets for $26.5M
ASUR is trading near its 52-week low of $6.8 (4.1% above the low).
Summary
Asure closed a $115M MUFG credit facility, repaid its MidCap debt with a $62.6M payoff, and acquired a southeastern U.S. payroll processing business for $26.5M in cash, a seller note, and $10M of stock.
Key Events · Financing and Capital Events · ASUR
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New $115M MUFG Credit Facility
Senior secured facility with an $85M term loan (fully drawn at closing), a $10M five-year revolver, and a $20M delayed-draw term loan; Term SOFR + 3.00% (initial rate 7.04249%).
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MidCap Debt Repaid in Full
The prior MidCap credit agreement and note were terminated with a $62.6M payoff, including $2.4M of prepayment and termination fees.
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Payroll Acquisition for $26.5M
Asure acquired a southeastern U.S. payroll processing business for $13.5M cash, a $3.0M seller note (3.00%, due April 15, 2028), and 1,206,141 shares valued at $8.29 each ($10.0M).
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New Leverage and Coverage Covenants
Quarterly-tested Consolidated Net Leverage Ratio must stay at or below 3.50:1.00 and Fixed Charge Coverage Ratio at or above 1.25:1.00, with substantially all assets pledged as collateral.
Analysis · ASUR · Technology
Asure replaced its MidCap debt with a larger $115M senior secured facility from MUFG and simultaneously bought a southeastern U.S. payroll processing business for $26.5M. The $85M term loan was fully drawn at closing and used to retire the old lender ($62.6M payoff, including $2.4M of prepayment and termination fees), leaving roughly $22M of incremental liquidity plus a $10M revolver and $20M delayed-draw term loan for future acquisitions. The new debt carries Term SOFR + 3.00% (7.04249% for the initial period) and locks the company into quarterly-tested leverage (<=3.50x) and fixed-charge coverage (>=1.25x) covenants, with substantially all assets pledged as collateral. The acquisition was funded with $13.5M cash, a $3.0M seller note, and 1,206,141 newly issued shares valued at $8.29 each ($10.0M) -- a real but modest issuance of about 6% of the current share count, not a dilutive capital raise. The deal expands Asure's payroll processing footprint in the Southeast and is immediately accretive to the core business.
How filings like this one have moved
In the 30 days to Oct 31, 2026, 40% of the 987 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.59%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, ASUR was trading at $7.08 on NASDAQ in the Technology sector, with a market capitalization of approximately $204.5M. The 52-week trading range was $6.80 to $10.20. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.