Under the term sheet, PURE Asset Management Ltd will provide Swift up to $8 million of loan finance in a four-year facility at a 10% interest rate to be paid every three months.
Finalisation of the facility is subject to formal documentation.
Funds also to be used to pay down debt
Swift will repay in full and retire the existing BankWest facilities and also cancel the remaining three tranches under the convertible agreements entered into with L1 Capital And The Lind Partners.
Swift’s CEO Pippa Leary said: “We are pleased to secure these loan funds to simplify and strengthen Swift’s balance sheet as we execute our new focused growth strategy.
“The funds will be used to retire existing debt facilities, for working capital purposes and to leverage our leadership in the Mining and Resources vertical and bringing profitable and scalable new products to the Aged Care market.”
PURE sees market opportunity with structural growth
PURE’s director Nick Berry said: “We are thrilled to have reached an agreement with Swift to help fund its significant growth plans.
“The company has all the characteristics we look for in a small-cap, being a genuine product advantage proven by commercialisation; a management team that has the skills to run a much larger organisation; and, a market opportunity with structural growth.”