Swift TV has agreed to extend its fully drawn $5.53 million secured facility by 12 months, giving it until March 2028 to repay the debt. The extension comes with a higher interest rate, a capitalised fee and 100 million warrants for lender Pure Asset Management, and still requires ASX clearance or shareholder approval.
- Debt maturity extended from 31 March 2027 to 31 March 2028
- Interest rate rises from 10.25% to 11.0% per annum
- $166,000 amendment fee will lift principal to approximately $5.70 million
- Pure to receive 100 million unquoted warrants exercisable at up to $0.02
- Extension remains conditional on ASX treatment or shareholder approvals
Swift Extends $5.53 Million Facility to March 2028
Swift TV Ltd (ASX:STV) has secured an extra year to deal with its debt, extending the maturity of a fully drawn secured facility with Pure Asset Management from 31 March 2027 to 31 March 2028. The reprieve is not new funding: Swift will receive no additional cash, but gains more time to fund its commercial rollout and manage working capital.
The balance currently stands at $5.53 million, down from $6.165 million during FY26 after an early cash repayment and a further $430,000 reduction through Pure’s July debt conversion. That conversion formed part of a $430,000 debt conversion that accompanied Swift’s $1.9 million placement to support enterprise deployments.
Higher Interest and Capitalised Fee Increase the Cost
The amended facility carries interest of 11.0% a year, payable quarterly, compared with 10.25% under the existing terms. The new rate applies from 1 September 2026 if the amendments take effect.
A 3.0% amendment fee will be capitalised rather than paid immediately. Swift estimates that will add about $166,000 to the debt, lifting principal to approximately $5.70 million. The company retains the right to repay the facility early without an early repayment fee, while existing security arrangements remain unchanged.
100 Million Warrants Add a Potential Equity Cost
In return for agreeing to the amendments, Pure will receive 100 million unquoted warrants expiring on 30 June 2029. They are exercisable into ordinary shares at the lower of $0.02, 80% of the price or implied equity value in a qualifying change-of-control transaction, or an adjusted price in certain future equity raisings.
The warrants do not immediately create new shares, but exercise could increase Swift’s issued capital. Their terms also include adjustments for bonus issues, pro-rata issues and capital reorganisations. Swift says it will seek quotation for any shares issued on exercise, although the warrants themselves will not be listed.
ASX Approval Determines Whether the Extension Takes Effect
The proposed amendments are conditional because Pure holds 282.1 million Swift shares, or approximately 19.45% of the company. Swift must obtain written confirmation that ASX Listing Rule 10.1 does not apply, secure a waiver, or obtain shareholder approval. It must also resolve the separate Listing Rule 10.11 issue concerning the warrant issue, either through ASX confirmation or shareholder approval.
If those conditions are not satisfied by 31 March 2027, the amendments will not take effect and the facility will remain on its existing terms, including the original maturity date. The approval process therefore leaves Swift with additional runway proposed, rather than fully available, while the company works through the next stage of its commercial rollout. Its FY26 results recorded 7,190 devices sold across 13 enterprise customers, with roughly 52% deployed and live at year-end, against a backdrop of commercial rollout progress.
Bottom Line?
The extension reduces the immediate refinancing deadline, but Swift now has to convert contracted deployments into cash generation while carrying higher debt costs and a potential 100 million-share dilution pathway.
Questions in the middle?
- Will ASX grant the required confirmations or waiver, or will Swift need to put both matters to shareholders?
- Can Swift’s contracted deployments and recurring subscription revenue grow quickly enough to offset the higher interest burden?
- How will the warrant terms affect future capital raisings and Swift’s eventual share count if Pure exercises?