viewSwift Media Ltd

Swift Media secures $8 million debt for growth strategy

The lender believes Swift has a proven product advantage in a market with structural growth.

Swift Media Ltd - Swift Media secures $8 million debt for growth strategy
Finalisation of the $8 million facility is subject to formal documentation being executed

Swift Media Ltd (ASX:SW1) has entered into a binding term sheet for a new debt facility to raise $8 million to fund its growth strategy and strengthen the balance sheet.

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.”

Quick facts: Swift Media Ltd

Price: 0.035 AUD

Market: ASX
Market Cap: $15.42 m

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